11º Andar • 01451-000
São Paulo–SP • BRASIL
Sala 509 • 22440-035
Rio de Janeiro–RJ • BRASIL
Founded in 2009, Kapitalo has been successful in delivering consistent and high-quality results while maintaining a strong commitment to its principles: Excellency, Integrity, Discipline and Transparency.
As a multi-manager organization, Kapitalo does not have a Chief Investment Officer (CIO). Instead, the firm built a robust governance structure and relies on an independent Risk Management team led by the COO, which is one of the founding partners.
Our 13 independent asset management teams have proven track records when it comes to allocating risk across various asset classes and geographies. Led by experienced PMs and analysts, the teams have their own unique investment processes and NAVs. With well-defined mandates and diversified strategies, each team competes for capital allocation in our flagship funds, Zeta and Kappa, as well as for stakes in our partnership.
For eight years, João Carlos held the position of Vice-President and Senior Investment Banking Officer at Bank of America. Following this, he moved on to become Managing Director at Nomura Securities, responsible for the Brazilian operation for a period of two years. After this, he joined Banco BBM, the oldest financial group in Brazil, where he served as Partner and Executive Officer for 11 years. It was during this time that he met Carlos Woelz, who would later become his business partner in founding Kapitalo in 2009.
João Carlos holds a B.Sc. in Civil Engineering (PUC-RJ) and has a post-graduate degree in Finance (FGV-SP).
He kicked-off his career in 1994 at Banco BBM, Brazil’s oldest financial group, where he became the bank’s CFO and Head of all trading desks. In 2009, Carlos and João Carlos founded Kapitalo, where he played a crucial role in developing the firm’s business model.
Carlos holds a Bachelor’s degree in Business Administration (FGV/EAESP).
His career began in 1996 at Banco BBM, Brazil’s oldest financial group, where he became Co-Head of the Proprietary Brazilian Equity trading desk. It was during this experience that he joined Carlos Woelz's team at the bank as the Head of the International Equity Desk. In 2008, he joined Banco Itaú BBA to lead the Commodities and Equities division of the Proprietary Trading Desk. Finally, in 2011, he became a part of the Kapitalo team.
He holds a B. Sc. in Mechatronic Engineering (Poli-USP).
He started his career in 2007 at Link Investimentos, an independent broker dealer, and subsequently worked at Convenção CCVM during the implementation of the options desk, where he developed the Options Pricing and Volatility Modeling software. He joined Kapitalo in 2010.
He holds a B. Sc. in Aeronautic Engineering (ITA).
Nuno started his career in 2004 at Banco BBM, Brazil's oldest financial group.
In 2008, he transitioned to Gap Asset Management, becoming the partner responsible for the International Fixed Income and FX book. After a few years, he moved on to BW Gestão de Investimentos, a Brazilian asset manager, as a portfolio manager of the Global Fixed Income and FX book. He joined Kapitalo in 2014.
Nuno holds a B. Sc. Production Engineering (UFRJ) and an MBA (FGV-SP).
Bruno started his career in 2005 at Patria Investimentos. He became a portfolio manager in 2010, where he was responsible for both long & short and long only strategies. In 2013, Bruno moved on to Ashmore Group, where he became member of the Investment Committee and portfolio manager of equity strategies. He joined Kapitalo in 2015.
Bruno holds a Bachelor’s degree in Business Administration (FGV/EAESP).
He started his career in 1995 at Banco BBM, Brazil’s oldest financial group. In 2003, Christiano became partner of Axio Capital, a hedge fund spin-off of Banco BBM, where he was responsible for managing both the Fixed Income and Equity desks. He subsequently left in 2005 to join Banco Safra as the Head of Fixed Income Proprietary desk. In 2007, he co-founded Kondor Invest, where he served as CIO. He joined Kapitalo in 2019.
Christiano holds a B. Sc. in Civil Engineering (Mackenzie).
His career began in 1998 at Banco BBM, one of Brazil's oldest financial groups. In 2008, he moved to London-based hedge fund manager Lentikia Capital. After merging with BTG Pactual in 2009, Bruno took on the role of Executive Director, overseeing the Commodities and Equity/FX Proprietary desk. In 2014, Bruno left BTG Pactual to launch Ciclo Capital, which was later incorporated by Kapitalo in 2017.
Bruno holds a B. Sc. Production Engineering (PUC-RJ) and Masters in Economics and Finance (LSE/UK).
He kickstarted his career in 2006 at Upside Asset Management. The following year, he joined Banco CR2, where he took on the role of managing the risk department. In 2009, Rafael moved on to Itaú Asset Management, where he became co-manager at the Structured Products desk. He joined Kapitalo in 2014.
He holds a B. Sc. in Applied Math (UFRJ) and a Master’s degree in Economics (IBMEC-RJ).
His career began in 2005 when he started working as an economist for Banco Itaú's proprietary desk. He then joined Iron House Fund, a family office, in 2008. During his time there, he worked as a strategist and FX portfolio manager. In 2012, Tulio joined Kapitalo.
Tulio holds a Bachelor’s (FEA-USP) and Master’s degree in Economics (FGV-SP).
Daniel's career began in 2003 at Banco BBM, the oldest financial group in Brazil. From 2008 to 2012, he worked at Itaú Asset Management as a co-portfolio manager, responsible for long & short strategies. Afterwards, Daniel joined Kondor Invest, where he became partner and developed an equities team of his own. Daniel joined Kapitalo in 2018.
He holds a B. Sc. in Production Engineering (UFRJ) and is a graduate of the Stanford Graduate School of Business Executive Program (SEP).
He started his career in 2006 at Brookfield Asset Management where he became Head of the Quant Desk and Partner in 2010. Frederic left Brookfield to create a quantitative hedge fund strategy at Itaú Asset Management in 2011. He eventually moved on to the Portfolio Solutions team as a PM at the Fixed Income book and Smart Beta book. He joined Kapitalo in 2018.
Frederic holds a Bachelor’s (PUC-RJ) and Master’s degree in Economics (IBMEC).
He started his career in 2007 at Gávea Investimentos. Felipe was the head strategist of the FX desk from 2015 to 2018 at SPX Capital. He joined Kapitalo in 2018.
Felipe holds a Bachelor’s (UNICAMP) and Master’s degree (PUC-RJ) in Economics and is a CFA chartholder.
He has been dedicating his career to Event Driven strategy since 2006. Daniel worked with corporate finance at Citigroup and BPW-Arsenal, as well as FX trader at Deutsche Bank. He also worked at the propriety trading desks of Lehman Brothers (UK), BTG Pactual (UK), Itaú BBA (Brazil) and Leste (Brazil). He joined Kapitalo in 2023.
Daniel holds a B. Sc. in Production Engineering (USP) and an MBA (INSEAD).
He started his career at Opportunity Asset Management in 1995 as a chief economist. He then became a partner at Radix Asset Management and later worked as a chief economist and portfolio manager at BBA-Icatu Asset Management. From 2007 to 2011, he served as a senior economist at the Federal Reserve Bank of New York. Carlos was also a partner at Kyros Investimentos for over four years before becoming Deputy Governor of Banco Central do Brasil from 2016 to 2019. In 2020, he co-founded Asset 1 Management and worked there as head of research before joining Kapitalo in 2022. Additionally, he has been a professor at the Faculty of the Department of Economics at PUC-Rio since 2011.
Carlos holds a Bachelor’s degree in Economics (PUC-Rio), a Master’s degree in Economics (PUC-Rio), a Master’s degree in Economics (Princeton University) and a Ph.D in Economics (Princeton University).
His career began in 1996 at Banco BBM, Brazil’s oldest financial group, where he worked as a proprietary trader and later became partner and portfolio manager. He then moved to New York and worked at Morgan Stanley for one year as Market Maker. Bernardo was also a portfolio manager at the Brazilian asset management firms Bahia Asset Management, SPX Capital and Vinci Partners before joining Kapitalo in 2019.
Bernardo holds a B. Sc. in Mechanical Engineering (PUC-RJ) and an MBA in Finance (Cornell University).