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The
source, who requested anonymity because the deal is private, did
not elaborate on terms or a timetable for the deal. Finance blog
Brazil Journal first reported the talks on Wednesday.
Rio Bravo's three main partners, former Brazilian central bank
president Gustavo Franco, Paulo Bylik and Mario Fleck, would
keep running the Rio de Janeiro-based firm, according to the
blog.
Calls to a media representative for Rio Bravo were not
immediately answered. Efforts to contact Fosun's media office in
China outside working hours were unsuccessful.
Rio Bravo manages about 10 billion reais ($3 billion) of
client's money distributed in liquid funds, real estate and
private equity investments. Fosun has about $50 billion in
assets under management.
Founded by Chinese billionaire Guo Guangchang, Fosun has grown
into China's biggest private conglomerate, with holdings ranging
from medical companies to French travel group Club Med.
Facing a slowing economy at home, Chinese businesses are hunting
for non-yuan assets abroad. Chinese outbound M&A activity has
more than doubled in two years, hitting a record $120 billion in
total deal value so far in 2016, according to Thomson Reuters
data.
(Reporting by Guillermo Parra-Bernal; Editing by Leslie Adler)
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