Arminio Fraga (born July 20, 1957) is a Brazilian economist who was the President of the Central Bank of Brazil from 1999 to 2002. Fraga is also a former associate of George Soros at his Quantum Fund. In 2003, Arminio Fraga founded Rio de Janeiro based investment company, Gavea Investimientos. The company managed several Hedge Funds, Private Equity, Real Estate and other investment funds mainly focusing on Brazil. In November 2010 Gavea sold a majority interest to J.P. Morgan’s Highbridge Capital Management. Currently with over US $5 billion in assets under management, Fraga and Gavea have recently been negotiating repurchasing the stake owned by JP Morgan.