(Bloomberg) — Banco Bradesco SA, Brazil’s third-biggest bank by market value, hired Gabriel Trebilcock, one of the founding partners of hedge fund Ace Capital, to head its local credit sales and trading desk as the lender aims to double the business in two years.
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“We want to position ourselves as the biggest treasury desk in Brazil for sales and trading of local bonds from banks, corporates and all kinds of tax-exempt papers, and brought in a very experienced executive to beef up our team,” said Bruno Cardoso, who’s responsible for the business as well as for sales and structuring of derivatives, foreign exchange and fixed income for clients of Bradesco’s treasury desk.
Trebilcock starts immediately, overseeing a team of six people and reporting to Cardoso, and the bank plans to hire more four people as the market booms. Higher-for-longer interest rates in Brazil are attracting investors to private-credit funds, while Bradesco’s large credit book gives the bank a competitive advantage in both proprietary trading of all types of bonds as well as trading for clients, Cardoso said.
Before helping found Ace in 2019, Trebilcock was at the treasury desk at Banco Santander Brazil. He also had stints with Santander’s corporate and investment banking division, and worked at Santander’s unit devoted to structured credit risks.
Bradesco’s treasury desk also is working with the lender’s investment bank, retail broker-dealer and asset manager to boost private-credit trading volumes, Cardoso said.
Total issuance of local bonds in Brazil have more than doubled this year compared with the same period in 2023, to 248.1 billion reais ($45 billion), data compiled by Bloomberg show.
The private credit fund industry in Brazil raised a net 163.5 billion reais during the first six months of this year, according to SulAmerica Investimentos calculations.
(Updates with industry fundraising in final paragraph. An earlier version of this story corrected Cardoso’s job description.)
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