Brazil candidate Neves says Gávea founder to be finance minister: Reuters

Brazilian presidential candidate Aecio Neves said on Wednesday hedge fund founder and former central bank chief Arminio Fraga would be his finance minister if he wins an Oct. 5 election.

The announcement was made during an election debate on national television.

Fraga, a Brazilian economist who was president of Brazil’s central bank during the government of Fernando Henrique Cardoso, is one of the founders of JPMorgan’s flagship Brazilian hedge fund and private equity group, Gávea Investments.

He previously accused Rousseff of weakening the so-called “tripod” of economic policies that have been sacrosanct in Brazil since they helped reverse a period of rampant inflation and erratic growth in the 1990s.

It is based on fiscal responsibility, inflation targeting and a floating exchange rate.

(Reporting by Stephen Eisenhammer; Editing by Paul Tait)