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Legacy Capital boosts FX desk with appointments from rival firms

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Brazil’s Legacy Capital, one of the country’s largest independent hedge fund managers, has bolstered its foreign-exchange desk with appointments from local rival asset management firms, according to a report by Bloomberg.

Ne recruits Bruno Guimaraes and Claudio Margulies previously worked together at Kapitalo Investimentos and Kondor Invest. Most recently Margulies was with Clave Capital.

The report cites Chief Investment Officer Felipe Guerra, who oversees about 29 billion reais ($5.9 billion) in assets and helped found the Sao Paulo-based firm, as confirming that the pair will take up their new positions later this month and will focus on G10 and emerging-market currencies.

According to Bloomberg, Legacy Capital’s flagship hedge fund has posted a 35% return after fees in the past 24 months, beating the benchmark CDI rate by 10 percentage points, and ahead of 94% of its peers.

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