Hedge Fund Run by Ex-Goldman Partner Hires From Santander Brazil

Vinícius Andrade and Cristiane Lucchesi, Bloomberg News

Andre Laport, chief investment officer of Vinland Capital, stands for a photograph following an interview in Sao Paulo, Brazil, on Monday, Feb. 4, 2019. Brazilian "multi-market funds," similar to global hedge funds, posted net inflows of 47.5 billion reais ($12.7 billion) through May 18 in 2018, soaking up almost half the money entrusted to all types of funds, according to Anbima, the nation's capital-markets association. , Bloomberg

(Bloomberg) -- Vinland Capital, a Brazilian hedge fund co-founded by former Goldman Sachs Group Inc. partner Andre Laport, hired the head of credit risk at Banco Santander SA’s local asset-management unit as it expands its credit business.

Reginaldo Takara joined as a partner and head of credit research, according to Jean-Pierre Cote Gil, who for the past year has been building up a unit largely focused on corporate bonds at the fund. Takara started at Vinland this month after completing a garden leave from Santander, he said.

Brazil credit markets were upended at the start of the year as lending ground to a halt after the surprise collapse of retailer Americanas SA, complicating the outlook for companies already grappling with double-digit interest rates. But as fears of a broader credit crunch waned, issuance resumed and spreads in the secondary market started narrowing again.

The local industry for credit funds is now seeing a rebound and “good growth prospects,” Cote Gil said in an interview. Takara, who also had stints at Votorantim Asset Management and S&P Global Ratings, will be “a counterpoint to the fund manager, a credit watchdog,” Cote Gil added.

Vinland was founded in 2018 by Laport, the first Brazilian to become a partner at Goldman Sachs, and James Oliveira, formerly one of Banco BTG Pactual SA’s controlling partners. The firm saw its assets under management surge to about 18 billion reais ($3.7 billion) from 4 billion reais at the end of 2021, and also lured money from a Itau Unibanco Holding SA fund.

The firm’s credit arm has so far launched three funds that focus on local corporate debt, credit-backed securities and infrastructure bonds that offer investors a tax exemption. The credit strategy — which includes credit funds and credit holdings in other vehicles — accounts for about 2 billion reais. The Vinland Credito fund, the first of the three to hit the market, is up 16.5% since its inception last year, compared to a 13.59% gain for the CDI benchmark rate in the same period, data compiled by Bloomberg show.

--With assistance from Giovanna Bellotti Azevedo.