Wealth Management

A whole house at the service of one family.

The depth and the discretion of a family office of your own, with the continuity of a structure that does not depend on any one person.

The workBuild it or join one

Looking after significant wealth is a multidisciplinary task.

A family that sets out to build its own structure finds out quickly what it takes. The portfolio is not the hard part.

People

Attracting and keeping a senior, dedicated, multidisciplinary team. The hardest thing to build and the hardest to keep.

Alignment

Investing alongside the client, with no distribution targets and no product conflict.

Risk control

Mapping the primary risks of every allocation, inside a policy that is written down and monitored.

Continuity

A structure that does not depend on one person and crosses the cycles with discipline and process.

More than ten years of that have already been walked. A family joining the firm does not start the learning curve again.

The mandatePrinciples

Markets change. Scenarios change. The discipline does not.

The mandate is the written policy the firm consults when doubt appears. Discipline comes from consulting it, not from good intentions.

Families are the ultimate owner of their wealth. With no pressure for liquidity and no outside financier to satisfy, the asymmetry of time works in their favour, and it exists to be used: buying when others are forced to sell, and waiting for things to mature.

Risk is the permanent loss of capital. Volatility is a feature of the path, and it only becomes risk if it takes the family out of the game. Hence the capital preservation policy: no leverage, no concentration, no excessive illiquidity.

Allocation across classes makes the whole more efficient than any single asset, and no class wins every time. So the portfolio is tested against more than one scenario, with dry powder always available. The aim is never to call the future right. It is never to be taken out of the game.

None of this survives improvisation. Without infrastructure, rules become aspiration. With it, they become execution that is systematic, traceable and auditable.

To build the portfolio with as many uncorrelated assets as possible, with positive asymmetry between risk and return.
The mission that follows from the mandate

UncorrelationInvestable universe

Diversifying names is not enough. What has to be diversified are the sources of risk.

The firm grouped more than one hundred and fifty global assets in search of the elementary blocks of the risk space: the directions that move for genuinely independent reasons. It arrived at fifteen.

The practical effect is that the investable universe stopped having a geographic border, even while the answer is still given in reais or in dollars. An asset enters the portfolio for the economic driver that moves it, not for the country where it is listed.

Projection of more than one hundred and fifty global assets in the risk space. Assets that respond to the same economic driver occupy neighbouring territories, regardless of the country where they trade. — The risk space, projected from the co-occurrence matrix

AsymmetryThe process

Real conviction comes from process.

Before any position enters the portfolio, it answers four questions. Each one neutralises a distinct source of error.

No single decision guarantees an outcome. What the process does is add up small advantages that are independent of one another, and it is the sum that works in your favour. The future stays uncertain. What changes is how prepared the portfolio is for it.

Where

Where are the opportunities? No geographic restriction, mapping theses with a secular trend. Candidates arrive through the firm's several points of contact, from its own research to the alternatives desk and to outside advisers.

When

Is the wind behind it? Macro, micro and technical lenses, and the events that could catalyse the thesis.

How much

How do we keep the ability to act? Calibrating between the gain already banked and the dry powder still available, so as never to lose the ability to decide rationally.

In what vehicle

What structure do we enter through? Tax treatment weighs on the return of anyone investing in Brazil.

The answers change with every thesis. The questions do not.

It is the part of the craft that does not fit on a page. It fits in a conversation.

The mandate in practiceDepth

From what a family wants to see to what it wants to delegate.

The relationship starts where it makes sense for each family. It can be no more than a consolidated view of the wealth, with risk and return in one place. It can be the structural portfolio and the investment policy. It can be advice followed closely, or a full discretionary mandate, inside the agreed policy.

At the deepest level, it also includes access to the alternatives flow the firm originates: the same strategies and co-investments that Citrino Asset offers to outside investors.

The level is set with the family, and revisited when it makes sense to revisit it.

TransparencyThe app

Where the promises become visible.

The firm's proprietary system brings consolidated wealth, risk and theses into a single source of truth, onshore and offshore, in reais and in dollars.

It is where a family checks whether what was agreed is being done, without depending on whoever is telling the story.

A screen from Citrino's proprietary system: consolidated wealth, currency exposure, returns, portfolio and liquidity, onshore and offshore. — Consolidated view · illustrative data