Verde Asset Management

Verde Asset Management

Founded in 1997 by Luis Stuhlberger, Verde Asset Management evolved from a proprietary credit desk at Banco Hedging-Griffo into an independent multi-strategy house. Stuhlberger, an engineer by training, began managing the Verde fund within the bank before spinning out the platform. Today, Verde sits among the largest independent managers in Brazil by outside capital — distinct from bank-affiliated peers — and draws institutional allocators alongside domestic private wealth. The firm runs a diversified book across liquid macro, Brazilian and global equities, private credit, and real estate. The flagship Verde FIC FIM anchors the platform as a global macro vehicle, historically allocating to currencies, rates, equities, and commodities across both developed and emerging markets. Verde also manages dedicated long-only equity strategies and has expanded into illiquid credit through direct origination and real estate via structured vehicles. Confirmed portfolio exposures have spanned Brazilian government bonds, US treasuries, gold, and listed Brazilian corporates, with tactical positioning shifting across cycles. The firm operates from São Paulo with a team built over two decades of Stuhlberger's tenure, though headcount is not publicly disclosed. Adjacent vehicles include a long-only equity fund branded Verde AM Equity and illiquid credit funds launched in partnership with Bradesco. In September 2024, Verde announced the departure of veteran portfolio manager Pedro Jobim, who had co-managed the flagship fund alongside Stuhlberger since 2011, prompting board-level succession adjustments (per Valor Econômico, September 2024). Verde's structural differentiator lies in a single-CIO macro model now rare in the institutional world. Stuhlberger has retained final investment authority on the flagship fund for over 27 years, while building a multi-asset platform around it. The firm operates with an independent partner-owned structure — no controlling bank or insurer — which distinguishes it from the Brazilian market's historically concentrated management landscape and gives allocators direct exposure to one of the longest continuously managed macro track records in emerging markets.