Expertise that makes the difference

Meet the top managers and executives at Springs Capital, dedicated and experienced professionals who lead our mission to provide excellence in investment management. Each team member brings a unique combination of skills and knowledge, ensuring that our clients receive the best support and guidance.

Executive team

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André Caldas, CFA, FRM
CIO and Manager

André managed Itaú Asset for over 8 years, where he was responsible for the Itaú Hedge Plus Long Short strategy and the Itaú LS Plus fund. Previously, he managed the Credit Suisse LS Premium fund and worked at Copernico Capital Partners, Ambev and Banco Garantia.André holds a bachelor's degree in Computer Science from UFRGS, an MBA from MIT, and holds CFA and FRM certifications.

André has a bachelor's degree in Computer Science from UFRGS, an MBA from MIT, and holds CFA and FRM certifications.

Albert Munck
CEO

Albert is a Founding Partner and CEO of Springs Capital, operating in the market since 2003. He was a founding partner, CEO, COO, and member of the Executive and Investment Committee of Miles Capital. Previously, he worked in Investment Banking at Santander for 10 years, including 8 years as Executive Director in ECM and 2 years in M&A, having executed more than 40 transactions between IPOs, Follow-ons, Capital Closures and M&As, including the Azul IPO, OPA Souza Cruz and M&A (CPFL — State Grid).

Albert holds a bachelor's degree in Economics from FEA-USP, with executive courses at universities such as Harvard (OPM62 - Harvard Alumni), Columbia and Singularity University.

Gustavo Liberali, CFA, FRM, RAI
COO

Gustavo was risk director at institutions regulated by Bacen for the past 4 years, including BTG and Órama. Previously, he was risk and compliance director for two assets: F3 and Tag Investimentos, as well as investment director of an EFPC. He held risk and compliance positions at Louis Dreyfus Commodities, based in Brazil and France.

Gustavo holds a Master's degree in Economics from Insper and holds CFA, FRM and RAI (Risk and Artificial Intelligence) certifications.

Investment team

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João Noronha, CFA
Capital Assets, Finance and Education Manager and Analyst

João worked between December 2019 and April 2025 as a stock analyst and co-manager of Schroders' Brazilian equity funds, covering the Industrial, Health, Education, Telecom and Technology, Financial and Utilities sectors for Emerging Markets and Latin America. Between 2011 and 2019, he worked in Equity Research at Banco Santander covering Capital Assets, Health and Education, being ranked 3rd in Institutional Investor Brazil in Latin America for Capital Assets (2017) and runner-up Brazil in Capital Assets and Education (2019). He began his career as a stock analyst between 2007 and 2011 at local management companies such as Banif Nitor and LLA Investimentos.

João holds a bachelor's degree in Business Administration from the Getúlio Vargas Foundation (FGV-EAESP) and participated in executive education programs at the University of Columbia and Nebraska University.

Fernanda Castilho, CGA
Commodity Analyst

Fernanda is a stock analyst focusing on the Steel & Mining, Pulp & Paper and Food & Beverage sectors, working in the financial market since 2017. Since March 2024, he has been an Equity Analyst at Clave Capital. Between September 2022 and March 2024, she was a Partner and Equity Analyst at Persevera Asset Management. Previously, he worked at Garin Investimentos, where he co-managed the Garin Cíclic Long Biased FIM fund, which surpassed its benchmark by 350%. He also had stints at MTZ Capital and the Equity Research area of Itaú BBA.

Fernanda holds a Bachelor's degree in Business Administration from FGV, is CGA certified by ANBIMA and is a CFA Level III Candidate.

Pedro Atra
Health, Oil and Gas, Infrastructure and Capital Assets Analyst

Pedro has been an Equity Analyst at Clave Capital since November 2023, working in the formulation of investment theses and analysis of onshore and offshore companies. Between September and November 2022, she worked in Credit Research at Journey Capital, and before that, in the M&A area at OCQ.

Pedro holds a Bachelor's degree in Business Administration from FEA-USP.

Eric Kruse
Utilities, Telecom & Tech Analyst

Eric is an Equity Analyst focusing on the Utilities, Telecommunications and Technology sectors, working at Clave Capital since November 2023. Between September and November 2022, he worked in Credit Research at Journey Capital, and previously in the M&A area at OCQ.

Eric holds a Bachelor's degree in Business Administration from FEA-USP.

Matheus Efrain
Trader

Matheus is a trader focused on equity and derivatives, working in the financial market since 2018. He has been a member of the Clave Capital team since March 2023. Previously, he worked at RPS Capital between April 2021 and March 2023, Bradesco Asset Management as a portfolio and equity trader between May 2019 and April 2021, and at Itaú BBA between October 2018 and May 2019.

Matheus holds a Bachelor's degree in Economics from FEA-USP.

Alex Kubota, CGA
Quantitative Analyst

Alex Kubota has been a data analyst at Clave Capital since 2023, supporting Equities research. Between 2019 and 2022, he joined the High Alpha board at Itaú Asset, where he worked with data analysis, programming and trading on the Equities team. Previously, from 2017 to 2018, he was part of the Portfolio Analytics team at Itaú Asset and worked at Itaú BBA from 2011 to 2017, where at the end of the period he was a specialist in derivative pricing in the treasury risk area.

Alex is a Financial Management Technologist from Nove de Julho University and holds AWS Machine Learning Specialty, AWS Developer Associate and CGA (Anbima) certifications.

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