May 22, 2017 / 3:40 PM / 2 months ago

Brazilian fund manager JGP denies early knowledge of scandal news

1 Min Read

SAO PAULO, May 22 (Reuters) - Brazilian asset manager JGP Gestão de Recursos Ltda denied on Monday it had early knowledge of allegations that set off a political firestorm last week, when several of its funds posted gains on a day when most domestic investors suffered heavy losses.

JGP's three cross-asset funds yielded returns between 1 percent and 3.3 percent on Thursday, according to Brazil's market regulator, even as Brazil's currency and stock market suffered drops of over 8 percent. The sell-off came after President Michel Temer was caught on tape allegedly condoning bribes to silence a witness in a graft probe.

In a statement that cited rumors on social networks that it could have gotten inside information about the Temer allegations, JGP threatened legal action against any parties responsible. (Reporting by Paula Laier; Writing by Bruno Federowski; Editing by Christian Plumb and Paul Simao)

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