JPMorgan Chase is in talks to buy a large Brazilian asset management company, the Financial Times reported in its Monday edition.

Citing people close to the situation, the paper said the New York-based bank was in advanced discussions to buy Gavea Investimentos, which manages about $5.3 billion of assets.

No agreement has been reached between JPMorgan and Gavea, founded by Arminio Fraga, a former president of Brazil's central bank, but a purchase could be announced as soon as next month if talks are successful, the paper said.

JPMorgan Chase declined to comment. Gavea Investimentos could not immediately be reached for comment.

(Reporting by Caroline Copley; Editing by Marguerita Choy)

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