Banco Bradesco, Brazil’s third-largest bank by market capitalisation, has appointed Gabriel Trebilcock, co-founder of hedge fund Ace Capital, as the new head of its local credit sales and trading division, according to a report by Bloomberg.
This move is part of a much by Bradesco to significantly expand its credit business over the next two years.
The report quotes Bruno Cardoso, who oversees the bank’s treasury desk, including sales and structuring of derivatives, foreign exchange, and fixed income: “We aim to establish ourselves as Brazil’s leading treasury desk for local bond trading, encompassing banks, corporates, and various tax-exempt securities. Gabriel’s extensive experience will strengthen our team as we pursue this goal.”
Trebilcock, who begins his role immediately, will manage a team of six and report directly to Cardoso. The bank also plans to add four more members to the team as market conditions improve.
Before co-founding Ace Capital in 2019, Trebilcock worked at Banco Santander Brazil, where he was involved in treasury operations and corporate investment banking. His background also includes experience with Santander’s structured credit risk division.
In addition to his new role, Trebilcock will collaborate with Bradesco’s investment bank, retail broker-dealer and asset management units to enhance private-credit trading volumes.
According to Bloomberg, local bond issuance in Brazil has more than doubled this year compared to the same period in 2023, reaching BRL248.1bn ($45bn). The country’s private credit fund sector also saw significant growth, raising a net BRL163.5bn s in the first half of the year, as reported by SulAmerica Investimentos.
