Key Takeaways
- • SPX Capital, a Brazilian hedge fund managing approximately $11 billion in assets as of late April 2026, is shutting its London office as part of a major operational restructuring driven by underperformance across its flagship strategies.
- • Senior partners Marcelo Castro (head of multi-asset, board member since 2020) and Marcella Libardoni (with the firm since 2011) are departing with Castro's team, signaling significant leadership turnover during the restructuring period.
- • SPX's flagship Nimitz fund is down 0.2% year-to-date (in local-currency terms after fees), while its more aggressive Raptor fund has declined 4.5%—both underperforming the Anbima Hedge Fund Index, which tracks Brazilian hedge funds and is up approximately 2% for the same period.
- • Co-founder Bruno Pandolfi will assume leadership of the macro unit restructuring, while co-founder Rogerio Xavier will significantly reduce his risk exposure, indicating a fundamental shift in the firm's investment strategy and leadership responsibilities.
- • SPX Capital maintains offices in New York, São Paulo, Rio de Janeiro, Cascais, and Singapore following the London exit, with the firm founded in 2010 by Xavier, Pandolfi, and Daniel Schneider.
Summary
Brazilian hedge fund SPX Capital is undergoing a significant corporate restructuring that includes the closure of its London office and the departure of multiple senior investment professionals. The firm, which managed approximately $11 billion in assets as of late April 2026, is reorganizing its macro unit in response to persistent underperformance across its core strategies.
Marcelo Castro, a board member and head of the multi-asset division who joined SPX in 2020, is exiting the firm alongside his investment team. Marcella Libardoni, who had been with SPX since its early years in 2011, is also departing. These departures represent substantial losses of institutional knowledge and client relationships within the organization.
The restructuring is being driven by lackluster fund performance. SPX's Nimitz fund, its flagship product, returned -0.2% in local-currency terms after fees year-to-date, while Raptor, a more aggressive variant of the strategy, declined 4.5%. Both funds have underperformed the Anbima Hedge Fund Index, a benchmark tracking Brazilian hedge funds, which advanced approximately 2% over the same period. To address these challenges, co-founder Bruno Pandolfi will assume operational control of the macro unit, while co-founder Rogerio Xavier will materially reduce his risk exposure within the organization.
The London office closure represents SPX Capital's strategic retreat from its European operations, leaving the firm with offices in New York, São Paulo, Rio de Janeiro, Cascais, and Singapore. The firm was founded in 2010 by Xavier, Pandolfi, and Daniel Schneider.
Marcelo Castro, a board member and head of the multi-asset division who joined SPX in 2020, is exiting the firm alongside his investment team. Marcella Libardoni, who had been with SPX since its early years in 2011, is also departing. These departures represent substantial losses of institutional knowledge and client relationships within the organization.
The restructuring is being driven by lackluster fund performance. SPX's Nimitz fund, its flagship product, returned -0.2% in local-currency terms after fees year-to-date, while Raptor, a more aggressive variant of the strategy, declined 4.5%. Both funds have underperformed the Anbima Hedge Fund Index, a benchmark tracking Brazilian hedge funds, which advanced approximately 2% over the same period. To address these challenges, co-founder Bruno Pandolfi will assume operational control of the macro unit, while co-founder Rogerio Xavier will materially reduce his risk exposure within the organization.
The London office closure represents SPX Capital's strategic retreat from its European operations, leaving the firm with offices in New York, São Paulo, Rio de Janeiro, Cascais, and Singapore. The firm was founded in 2010 by Xavier, Pandolfi, and Daniel Schneider.
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