(Aug 26): Brazilian hedge fund SPX Capital’s two main portfolio managers in Singapore have left the firm, as it goes through a rethink of its global operations.

Predee Anuvatnujotikul and Garret Mallal ceased to be linked with SPX Capital Management Singapore Pte Ltd in June and August respectively, according to regulatory filings. One of its key traders, Soh Yang Yao, left the firm this year and now works at Marshall Wace, filings showed.

Former Singapore chief executive officer William Bethlem has relocated to New York and is no longer a financial representative of the local entity, with Elsa Yachita taking on the role in January.

Representatives of SPX Capital, including Yachita, didn’t respond to requests for comments.

The changes at the Singapore office, which Bethlem helped set up in 2023, come during a global restructuring at the Brazilian firm. Some long-standing portfolio managers have left in recent months, while people familiar with the matter said in May that its London office was closing. SPX Capital managed more than US$9 billion (RM36.2 billion) as of June 30, according to its website.

Singapore’s rules for asset managers with capital markets services licenses stipulate that two locally based professional managers must be employed to fulfil regulatory requirements. 

SPX managed more than 80 billion reais (US$15.5 billion or RM62.7 billion) at its peak and had grown to become one of Brazil’s biggest and most powerful hedge funds. But the firm has faced fund outflows as performance wavered and Brazil’s interest rates rose.

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