Brazilian hedge fund SPX Capital is undergoing a significant organisational reshuffle, with senior portfolio managers departing and the firm set to close its London office as part of a broader strategic overhaul, according to a report by Bloomberg.
Among those leaving are partners Marcelo Castro and Marcella Libardoni. Castro, who joined the firm in 2020 and led its multi-asset business while also serving on the board, is exiting alongside his team. Libardoni, a long-standing SPX executive who has been with the firm since 2011, is also departing, the people said. Both were based in London, where the office is now slated for closure, with staff expected to be relocated to other locations within the firm.
The restructuring comes as SPX, which managed approximately $11bn in assets as of late April, reassesses its macro trading platform following a period of subdued performance. The overhaul is intended to streamline operations and improve investment results, one of the people said.
Under the changes, co-founder Bruno Pandolfi will take a more direct role overseeing the macro division, while fellow co-founder Rogerio Xavier is expected to reduce risk exposure in his portfolios.
Neither Castro nor Libardoni reportedly responded to requests for comment.
Recent performance has trailed broader industry benchmarks. SPX’s flagship Nimitz fund is down 0.2% year-to-date after fees in local currency terms, while its more leveraged Raptor strategy has fallen 4.5%. Both have underperformed the Anbima Hedge Fund Index, which is up roughly 2% over the same period.
Founded in 2010 by Xavier, Pandolfi, and Daniel Schneider, SPX has grown into one of Brazil’s largest hedge fund managers.
