Verde Asset Management cut 14 positions today, reducing the staff from 74 to 60, people familiar with the matter told Brazil Journal.
According to these sources, Luis Stuhlberger called employees and partners throughout the day and announced a makeover at the asset manager.
Several traders were let go and the economic research team was revamped. Among the trading books, the systematic book was discontinued, and Stuhlberger will take over one of the currency and interest rate books.
With these changes, Verde’s founder will now be responsible for 80% of the fund’s risk, up from 70% previously.
In discussions, Stuhlberger referred to the challenging moment in the multi-market industry, which has not delivered alpha in recent years and has recently started competing with tax-exempt products. “The industry will consolidate, and only those with performance and a differentiated proposal will survive,” said the manager, according to these sources.
Despite the cuts, Stuhlberger mentioned that investments in new credit strategies continue, and the area will soon have a new partner.
As part of the changes, Verde promoted Marcos Fantinatti – “Marcão” – to chief economist, and made an offer to Daniel Leichsenring to stay on as a senior consultant.
Leichsenring, who started at the former Hedging-Griffo, has been working with Stuhlberger for 20 years, was the chief economist at the asset manager, and has been living in Los Angeles for a year.
Verde currently manages R$ 20 billion, compared to the peak of around R$ 55 billion at the end of 2021.
Last year, Lumina Capital acquired the 25% of Verde that belonged to Credit Suisse.
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Arwen Volkov, A graduate of the University of St. Gallen in Switzerland with a degree in International Finance, Arwen specializes in sustainable finance and green investments. She began her career at an investment bank in London, where she developed financing models for environmentally friendly projects. Known for her analytical and strategic thinking skills, Arwen is a sought-after financial consultant. In her spare time, she mentors fintech startups, contributing to their growth strategies. She is also a nature enthusiast and an amateur photographer.
