“If
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Luis Cristofaro
MESSAGE FROM THE PARTNER
Luis Cristofaro
DM Rates Senior PM
It’s hard to imagine that after, so many letters and so much knowledge that has been provided by other members with much
much more experience, I still have something new to offer. It is an honour to be able to share my story, which I believe reflects SPX’s core values in so many ways
This past month, I reached a milestone that leaves me surprised and very proud: I have worked a third of my life at SPX. SPX was my first and only job, which is something that most people outside the company take notice of. However, the fact that my story is
not so uncommon around here says a lot about the culture we have built
I come from a family of lawyers, journalists and advertising executives. But, I realized early on that these career paths didn’t appeal to me My interest has always lain in numbers and technology. Engineering seemed like a natural career path that could lead to many possibilities in the future
I played around with the idea of a career in the financial market, but by the time I completed my core coursework, I still wasn’t
sure. I decided to spend a semester at the University of Texas in Austin through a PUC exchange program. I split up my classes between Economics and Electronic Engineering with the purpose of deciding whether I would go into the business market or pursue something in technology
However, I only made my decision when, upon returning from the US, my father recommended I read a recently published book. The book was about three Brazilians who, through an aggressive risk-taking process and the implementation of an extremely strong culture, revolutionised the Brazilian financial market and other major global markets. “Dream Big” cleared up any doubts I had If the reward was a result of the effort put in, that was the path I wanted to follow.
After interviewing with several top-tier investment firms in Rio, I received a notice from my university about an opening at SPX a company I had never heard of before. I did some research on its partners, spoke with a few people, and quickly realized this was a unique opportunity.
The opening was in the Investor Relations (IR) department and, although I didn’t consider myself a born salesman, I saw it as an entry point and an opportunity to learn. On April 1, 2014, I got a call from the head of the department, offering me the position. In the midst of my excitement, and a little suspicious because of the date, I asked when I would be starting. The answer couldn’t have been any different: “Can you come in today at 1pm?”
come in today at 1pm?”.
The challenges were big and I was determined to be a “jack of all trades”. On several occasions, before roadshows and important events with potential investors, I would print out and bind hundreds of presentations and fund sheets with Espeto (an entity within SPX). All I could think of were the paragraphs I had read about Banco Garantia and I put together each presentation with the same diligence I processed clients’ investments
Despite the company’s growth and the significant number of clients, most of the controls and processes were carried out manually I saw an opportunity to contribute in a new way. I have always enjoyed programming and, taking advantage of the knowledge I had at the time, I began to automate some routines and create interactive dashboards to control SPX’s liabilities, using VBA - which, although it filled me with pride at the time, today I would certainly find prehistoric
A few months later, I started talking to Paula Ronchi, my first boss, about the next steps within the company. At a certain point, I was invited to join the Macro department and help cover the Asia/Pacific area So I began to develop my analytical repertoire, monitoring data, sending reports to the company and collaborating on the political and economic coverage of these countries.
Soon after, I was invited to join the Commodities Analysis team. I saw this move
as another step towards my ultimate goal, which was to reach the trading desk
I spent two intense years learning in this area Bruno Mafra, then Head of the department, adopted an efficient process to stimulate debate, requiring everyone to have well-founded opinions expressed individually, avoiding “group thinking”. This period was essential for developing the analytical framework that I still use today.
After this, I felt it was time to take the next step. I invited Mafra for a chat and expressed my desire to move to the desk. Figuring that there would be no room at the commodities desk, I put my name forward for any openings available at other desks It was a risky move, with some fear of being misunderstood, but I had always considered Mafra to be fair and attentive to people management, so I went for it.
The opportunity arose I was called in to talk about an opening at a new desk with great potential It was the “chance of a lifetime”, as Rogério used to say. With very high expectations, I prepared myself as best I could and the conversation went well Unfortunately, that opening didn’t materialise. The frustration, although natural, was intense, but the alternative was great: to continue doing something I enjoyed and did well
To my surprise, I soon received an invitation from Marcella Libardoni and Bernardo Meres to join the Rates team. It was the first time I felt I had achieved a major goal, but this step also brought new challenges and even bolder objectives.
this step also brought new challenges and even bolder objectives and even bolder objectives.
I began by handling the entire operational side of the Emerging and Developed Markets, but soon started to collaborate in the coverage of some countries. Gradually, the team grew and duties changed, and once again I found myself using technology to improve the processes in the new department. However, this time, in the blink of an eye, the level of complexity and the capability of the tools available took a leap forward.
The Rates Bot was a revolution in our department Although the concept of a chatbot today, like VBA in 2014, seems prehistoric in the face of the power and disruption of LLMs, in 2019-20 having access to daily live PNL from anywhere in the world with a simple message on Symphony (currently Slack) was liberating for us.
As the team grew, the Rates Bot become something much more complex, transcending mere chatbot interaction Today, it’s a set of systems that helps us carry out all the department’s operational work and creating economic data analysis
Since I joined the Rates, we faced some extraordinary periods and other very challenging ones. At the beginning of July 2024, I decided to call Rogério in for a chat We were coming out of a difficult period, but I was convinced that our processes were good and our scenario made sense I didn’t understand what was missing for us to have the expected results
good and our scenario made sense. I didn’t understand what was missing for us to have the expected results. “Luís, I’m very confident in our scenario, mark my words. Focus on the process, ignore the background noise and in a few days we’ll talk again ” During the next three months everything went in our favour and we managed to succeed in what seemed to be a difficult year
In our business, it’s essential to have an aligned team with the same goals Today, I know that Marcella and Rogério count on me during the good times and the more challenging ones, just as I know I can count on them.
All in all, it’s been almost 11 years at SPX. Like I said before, it’s a third of my life. They have been years of hard work, dedication and countless achievements, especially the invitation to become a partner. I’ve made some great friends, I got to meet and work with people who inspire me to keep improving and I’ve always found the opportunities I’ve been looking for at SPX.
Finally, as I look back on my professional career, I have something I’d like to share. Technology advances at an exponential rate and, if today I am amazed at the difference between the current AI models and my first VBA codes, I believe that in 11 years’ time the technological gap will be exponentially greater, making ChatGPT look closer to VBA than to the technology of the future These shifts will not only reshape the investment industry but, certainly all sectors of the economy
economy.
MEETING WITH THE PARTNERS
by HR
In January, we held two editions of the Meeting with the Partners hosted by Gabriel Hartung. In Rio de Janeiro, the event was a lunch that brought together eight employees, while in São Paulo it was breakfast with the participation of six employees These occasions are great opportunities to promote team integration and share enriching experiences
RENOVATION OF THE LONDON OFFICE
by HR
Recently, the London office underwent a renovation to expand the kitchen area, providing a more integrated space for employees Additionally, two Focus Rooms were added, and the reception area was renovated.
OFFICE IN SINGAPORE, STRENGTHENING ITS PRESENCE IN ASIA
by HR
SPX has just opened its most recent office in Singapore, marking another important step in our global expansion. The new space has been carefully designed to provide a modern, collaborative environment in line with the company’s culture, reinforcing our presence in Asia With this structure, we have further strengthened our international operation, offering strategic support to our teams and partners in the region
SPX LATEST NEWS
by IR
1.
SPX Raptor was featured in Valor Investe’s ranking of the most profitable macro funds in 2024.
Click here to access the full content.
3.
FII SPXS11 distributed dividends of BRL 0 100/share for September ‘24 (Dividend Yield: 1.20% p.m. or 14.70% p.a. - DY calculated using the closing price on 30/12) According to the Management Report, we had a new tranche of 8 million BRL in Liberado CRI’s and 1 million BRL in Pinheiro de Sá CRI’s At the close of the month, the fund’s allocation stood at 99%, with 1% remaining in cash to pay operating expenses
Click here to read the Report.
2.
Tiago Fernandes, partner and Currency manager at SPX, took part in Bradesco Investimentos’ Momento Investidor podcast in episode “Olhar de Especialista #83: Dollar on the rise, exclusive analysis with SPX Capital” , sharing his current view on the exchange rate and its economic impact
Listen to the whole episode on Spotify.
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