Investment Excellence.
Enduring Relationships.

ARX is a forward-thinking investment firm built on investment excellence and committed to long-term relationships. Investment excellence comes from being truly investor focused and consistently acting in the best interests of our clients. We pride ourselves on our experience, consistency and heritage - which builds trust and engenders long-term, valued relationships.

Experience and Consistency

Our consistent track record is the result of our experience and deep knowledge of the Brazilian market and a robust investment process guided by discipline and teamwork.

We have a proud history as one of the most trusted and sought-after investment firms in Brazil. And as part of BNY Mellon, we bring together the capabilities of one of the world’s leading financial institutions with our unparalleled local knowledge, keeping us close to our clients and in tune with a world seeking something more.

About us

Founded in 2001, ARX Investimentos is controlled by BNY Mellon group since 2008. Our funds are distributed across a diversified range of high quality products divided into the following strategies: Fixed Income, Corporate Debt, Macro, Equity Hedge and Long Only.

Our track record proves our ability to deliver a consistent performance, guided by discipline, generation of ideas, teamwork, and a collaborative management process.

ARX has a solid operational and technological infrastructure, which allows greater process efficiency. As we are part of a group with the highest ethical and governance standards, we maintain a structure of risk and compliance controls that operates independently from investment management and seeks to ensure the security of investor assets.

Investment Philosophy

Our investment philosophy is based on optimization of the risk-return ratio, seeking to achieve superior and consistent long-term returns. Our main differential is a highly qualified team, whose extensive management experience in different cycles of the market leads to a competitive advantage to understand and foresee trends.

With a culture centered on meritocracy, ARX seeks to attract and retain talents and reward the best professionals. Investment Excellence and our ability to build Long-term Relationships is underpinned by five key pillars:


Rogério Poppe, CFA Alexandre Sant’Anna Denise Pondé Marcela Morais Gabriel Barros Bruno Oliveira
Eduardo Canto Elisa Machado Rodrigo Martins Bruno Cianelli
Corporate Debt
Pierre Jadoul, CFA Lucas Dias, CFA Vitor Trova
Investor Relations
Paulo Bokel, CFP,
Bernardo Teixeira,
Júlia Sabina,
Mônica Marchevsky,
Institutional Clients
Guilherme Caldas, CFA, FRM,
Guilherme Abry, FRM Márcio Frossard, FRM Tatiana Nunes
Rogério Poppe, CFA Close

Rogério Poppe is the executive officer of ARX and is responsible for managing the Income strategy. Before joining the group in 2006, he worked as a manager at Opus (2004-2005), Banco CR2 (2003-2004), Banco Modal (2002-2003), and Banco Itaú (2001-2002). Rogério started his career as an analyst, having worked at Banco BBM (1996-2001) and Banco Graphus (1993-1996). Rogério has a degree in Electronic Engineering from PUC-Rio (1994) and a post-graduate degree in Finance from IBMEC (1996). He obtained his Chartered Financial Analyst (CFA) certification in 2005.

Alexandre Sant’Anna Close

Alexandre joined ARX in 2017, having already worked at the company for 13 years (2001-2014) as an equity analyst and, previously, as a macroeconomist. Before that, he worked at BNP Paribas as an equity analyst (2014-2017) and at the “Energy Group” of the UFRJ economics department (1998-2000), where he developed economic and statistical studies. Alexandre graduated with honors in economics from UFRJ (2001).

Denise Pondé Close

Denise joined ARX in 2010 as an equity analyst. Previously, she worked as a risk analyst at Nobel Asset (2009-2010). Denise has a degree in Production Engineering from UFRJ/École Centrale Paris (2011).

Marcela Morais Close

Marcela joined ARX as an equity analyst in March 2020, she became one of the portfolio managers of ARX Long Term; ARX Long Biased; and ARX FIA strategies, in July 2021. Previously, she was partner and responsible for Equity Research team at Bahia Asset since 2012 until her departure in 2019. Marcela has a degree in Mechanical Production Engineering from Puc-Rio (2007) and a MSc in Engineering from École Centrale de Nantes.

Gabriel Barros Close

Gabriel joined ARX in 2016 as an equity analyst. He holds a BA in Economics from IBMEC (2019).

Bruno Oliveira Close

Bruno Oliveira is an equity trader, having joined ARX in 2008. Bruno has been with the group since 2004, where he worked as a trader (2007-2008) and in the Backoffice area (2004-2007). Bruno has a degree in Financial Management from Estácio de Sá University (2020).

Eduardo Canto Close

Eduardo Canto joined ARX in 2019 as macro strategy manager. Previously, he was a partner at Aria Capital and was responsible for managing multi-market funds (2015-2019). Eduardo has also worked as a manager in other institutions, such as Ático Administração de Recursos (2007-2013), Opus Gestão (2004-2007), Icatu-Hartford (2003-2004), and BBA Investimentos (1998-2003). Eduardo began his career at Banco BBA (1997) after studying Chemical Engineering at UFRJ.

Elisa Machado Close

Elisa joined ARX in 2019 as a senior economist. Previously, she worked as an economist at Aria Capital (2015-2019), Attico Asset Management (2009-2011), Icatu Hartford Asset Management (2008-2009), Opus Gestão (2005-2008), FUNCEX – Fundação Centro de Estudos do Comércio Exterior (2003-2004), and Bank of America (1999-2003). Elisa also worked as a consultant at CBIE – Brazilian Center for Infrastructure (2011-2015), as a researcher at IPEA – Institute for Applied Economic Research (1995-1998), and also taught at PUC-Rio (1996) and Ibmec (2000). Elisa has a degree in Economics from Universidade Federal Fluminense (1993).

Rodrigo Martins Close

Rodrigo joined the ARX’s Macro team in May 2021. Previously, he has worked for 3 years at BNY Mellon Alocação de Patrimônio, as a member of the portfolio management team. Before joining the group in 2018, he has worked for 3 years at AQ3 Asset Management, where he was part of the Macro strategy team. Rodrigo has 7 years of experience in the financial market, holds a degree in Economics from IBMEC-RJ (2016) and a master’s degree in Finance and Macroeconomics from PUC-RJ (2021).

Bruno Cianelli Close

Bruno Cianelli is a fixed income trader who joined ARX in 2008. Bruno has been with the group since 2002, when he worked as a trader (2006-2008) and in the Backoffice area (2002-2006). Bruno has a degree in Economics from Universidade Federal Fluminense (2004).

Pierre Jadoul, CFA Close

Pierre Jadoul joined the ARX team in 2018, in which he is a member of the credit committee and responsible for managing the portfolios dedicated to private credit strategies. Since 2012 Pierre was a credit fund manager at CA Indosuez Wealth (Brazil) and previously worked in the Derivatives area of Morgan Stanley. With a degree in Business Administration from FGV-SP, Pierre obtained his Chartered Financial Analyst, CFA, certification in 2015.

Lucas Dias, CFA Close

Lucas joined ARX in 2018 as a member of the credit committee and a member of the credit analysis team. He began his career at Fator Corretora, where he worked as a research analyst in charge of the real estate and commodities sectors. At the end of 2015, he joined CA Indosuez’s portfolio management team to deal with credit analysis, trading and management, especially of the incentivized debentures fund. Lucas graduated in Electrical Engineering from Poli-USP (2014) and studied one year at the New York University. He obtained his CFA certification in August 2018.

Vitor Trova Close

Vitor Trova joined ARX in 2018 in the credit committee and credit analysis team. He worked for five years in the Credit Risk area of Santander Asset Management. In early 2018, he joined the management team of CA Indosuez, where he worked as a senior credit analyst. Vitor has a degree in Economic Sciences from Universidade Presbiteriana Mackenzie and is a post-graduate student in Finance from Insper.

Paulo Bokel, CFP, Distributors Close

Paulo Bokel joined ARX in 2018 as a member of the investor relations team. Previously he served as Head of Institutional Distribution at CA Indosuez (2015 to 2018) and Chief Financial Officer and Head of Investor Relations at DASA – Diagnostics of America AS. (2010 a 2015). During his 25 years of professional experience, Paulo has worked in consulting firms (McKinsey and Booz Allen), family offices (Splice and Turin), and banks (Nacional and Bozano, Simonsen). With a degree in Economics from UERJ and an MBA from the University of Michigan, Paulo became a Certified Financial Planner, CFP, in 2016, and a CGA, in 2020.

Bernardo Teixeira, Distributors Close

Bernardo joined the ARX Distribution team in March 2020. Before joining the company, he was responsible for the distribution of investment funds at Ativa for 2 years, worked for one year in the back and middle office at Órama Asset Management and as an intern at two other institutions. Bernardo has a five-years’ experience in the financial market, a degree in Production Engineering, and a specialization in finance from COPPEAD-RJ.

Júlia Sabina, Distributors Close

Júlia joined ARX Investimentos’ Distribution team in December 2011. Previously, she was a member of the Client Take On and Wholesale Client Service teams at BNY Mellon (2010) and an intern at derivatives broker DiMarco DTVM (2008). With 13 years of experience in the financial market, Júlia has a degree in Economics from Universidade Federal Fluminense (2011).

Mônica Marchevsky, Institutional Clients Close

Mônica Marchevsky is responsible for the Institutional Investor Relations area, having joined the group in 2007. In 2008, she joined ARX. Previously, she worked at Opportunity Asset Management as commercial manager of the institutional area (1997-2004) and at Banco Santander as senior private banker (2004-2007). Mônica also worked at Banco BBM as investment analyst and institutional commercial manager (1992-1997) and at Banco JP Morgan (1988-1992), where she started her career. Mônica has a degree in Business Administration from Universidade Cândido Mendes (1992).

Guilherme Caldas, CFA, FRM, International Close

Guilherme Caldas joined ARX in 2017 and is responsible for the company’s international platform and its relationship with distributors of offshore funds. From 2017 to 2019, he also served as Chief Risk Officer. Previously, he was a partner at Pollux Capital where he served as Chief Risk Officer (2006-2017), Chief Compliance Officer (2012-2017), and was responsible for the operational area. He was a partner at Upside Asset Management as the person in charge of risk control and backoffice. Guilherme began his career at Banco BBM (1999-2001). He has a degree in Production Engineering from PUC-Rio (1999) and an MBA in Finance from FGV-Rio (2001). Guilherme obtained his Chartered Financial Analyst (CFA) certificate in 2007. In 2011, he obtained the FRM (Financial Risk Manager) certificate from GARP (Global Association of Risk Professionals).

Guilherme Abry, FRM Close

Guilherme Abry joined ARX in 2017 as Chief Operating Officer, after having worked at the company for 5 years as Operations and Risk Manager (2011-2016). Prior to joining ARX in 2017, he was a Strategic Risk Manager at CSHG (2017). Guilherme was also the Superintendent of Market Risk at BNY Mellon Serviços Financeiros (2005-2011) and worked as a consultant, modeling risk models for Petrobras and financial planning for BR Distribuidora (2002-2004). Earlier in his career, he worked at Mellon Brascan Asset Management (2000-2002) and Banco Brascan (1998-2000). Guilherme has a degree in Civil Engineering from UFES (1996) and a master’s degree in Production Engineering from PUC-RJ (1999). Guilherme obtained his FRM certification from GARP in 2006.

Márcio Frossard, FRM Close

Marcio joined ARX in 2019 as Chief Risk Officer. Previously, he was a partner and Head of Risk at Ventor Investments (2017-2019) and Kyros Investments (2011-2016). Márcio also worked in the Market Risk and Pricing areas at BNY Mellon Serviços Financeiros and in the Middle Office area at ARX (2008-2010). Earlier in his career, Márcio worked in the payroll credit area at Banco BVA (2005-2008). Márcio has a degree in Civil Production Engineering from PUC-RJ (2005) and a Master’s Degree in Finance and Business Economics from FGV-RJ (2010). Márcio obtained his FRM (Financial Risk Manager) certification from GARP (Global Association of Risk Professionals) in 2016.

Tatiana Nunes Close

Tatiana Nunes is Head of Compliance and Operational Risk IM Brazil. She joined the group in 2011 to work in the Compliance team at BNY Mellon Serviços Financeiros, the group’s Asset Servicing company in Brazil. In 2012, she was transferred to the Compliance and Operational Risk Department of ARX. Previously, Tatiana worked at HSBC (from 2004 to 2011) as a Process Improvement Specialist and at AT&T do Brasil as a Project Engineer (from 2000 to 2002). Tatiana has a degree in Electronic Engineering from Gama Filho University (1998), a post-graduate degree in Quality Management and Process Improvement, and Six Sigma Green Belt certification, a worldwide methodology for process improvement.


Along its 20 years of history, ARX Investimentos and its funds have received many awards. Here are some of the most relevant.

ARX Investimentos was ranked as the 3rd fastest growing foreign fund manager in 12 months by the Investidor Institucional magazine (June 30, 2020 position), published in the September 2020 issue." "ARX Investimentos was ranked as the 4th largest foreign fund manager by the Investidor Institucional magazine (December 31, 2020 position), published in the April 2021 issue.


ARX Extra FIC FIM was elected the 2nd best multimarket fund of the decade in the Ranking InfoMoney IBMEC 2020, published in January/20. Click here to check it out.


ARX Investimentos was elected best manager in the categories Focused /Flexible Mixed Allocation and Focused/Variable Income of Top Management Award of Valor Investe Magazine, prepared by Standard & Poor's, for five consecutive years. (2015, 2014, 2013, 2012, and 2011 editions).


ARX Target FIM was classified 4 stars in 2016 Star Ranking of funds of Standard & Poor's, published in Valor Investe Magazine (July 2016; base: 36 months).


ARX Income FIA (currently ARX Income FIC FIA) was elected the best fund of the 21st century by Valor Newspaper; the analysis was conducted by Getúlio Vargas Foundation - São Paulo and considered the funds active on December 31, 1999, except for protected capital, real estate, and FDICs (Credit Rights Investment Funds). Article published in Valor Newspaper of 2/26/2015.


In January 2021, the Investment Management Quality Rating (QGI) of ARX Investimentos Ltda. was affirmed as "Strong" by Fitch Ratings. The "Strong" Rating reflects Fitch's opinion that the manager has solid operating and control infrastructure, and a well-structured and well-founded investment process..

* Base date: June 30, 2021
** Base date: June 30, 2021

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