The Moreira Salles Gambit: Brazil's Billionaire Family Bets on Multi-Strategy Growth

The Moreira Salles family, Brazil’s wealthiest clan with a $26 billion fortune, has long been synonymous with shrewd financial stewardship. Now, through their family office, BW Gestão de Investimentos (BWGI), they are making a bold move to expand their investment empire. By assembling a high-powered multi-strategy team led by veteran investor Rob Levites, the family aims to capitalize on global market dynamics while diversifying their existing portfolio—a mix of banking, energy, and international holdings. This strategic shift underscores a broader theme in global finance: the rise of hybrid investment approaches in an era of heightened volatility.

A Foundation Built on Diversification

BWGI, managing $11 billion as of 2023, has long been a powerhouse in Brazilian finance. Its portfolio reflects a disciplined approach to diversification: stakes in Itaú Unibanco (the country’s largest private bank), energy firms like Eneva SA, and niobium producer CBMM, alongside stakes in French firms Elis SA and Verallia SA. These holdings span sectors and geographies, shielding the family from local market shocks.

. Yet the family’s ambition extends beyond traditional sectors.

The new multi-strategy team, formed in 2024 with a dedicated $2 billion allocation, signals a pivot toward more active, nimble investing. Headed by Levites—a 25-year veteran of macroeconomic and quantitative analysis—the team combines expertise from Brookfield Asset Management and Weiss Multi Strategy Advisers. Their mandate is clear: deploy capital across equities, currencies, and derivatives using a blend of fundamental macro insights and data-driven models.

The Levites Factor: Macro Meets Machine

Levites’ career trajectory is emblematic of BWGI’s strategic vision. After starting at JPMorgan in the 1990s, he honed his skills in global fixed income at Salomon Smith Barney and Credit Suisse, where he became head of G10 rates strategy. His academic background—a dual degree in physics and economics from Cambridge—equips him to dissect complex macro trends, from central bank policies to geopolitical shifts. At BWGI, he now leads a team that merges this macro wisdom with cutting-edge quantitative tools, such as machine learning-driven risk models developed by colleague Rob Levite (a quantitative specialist with a computer science pedigree).

This fusion is critical in today’s markets. . Multi-strategy funds, which can pivot between asset classes and hedge risks, outperformed pure equity plays during the 2022 market sell-off, showcasing their resilience. BWGI’s allocation of $2 billion—nearly 20% of its total AUM—reflects confidence in this approach.

Navigating Brazil’s Opportunities and Risks

The timing of this shift is no accident. Brazil’s economy, while robust, faces headwinds: inflationary pressures, a weakening currency, and geopolitical tensions with neighboring Argentina. Yet the country also offers compelling opportunities—from renewable energy projects to tech startups. Levites’ team will likely exploit these contrasts, leveraging BWGI’s local insights while maintaining a global lens.

Consider BWGI’s existing success: since its 2002 founding, the firm has grown its AUM from $1 billion to over $11 billion, outperforming the Bovespa index in 8 of the last 10 years. . This track record positions the Moreira Salles family to lead in a fragmented global economy.

Conclusion: A Blueprint for Adaptive Wealth Management

The Moreira Salles family’s move underscores a simple truth: in an era of macroeconomic uncertainty and geopolitical flux, traditional investing models are insufficient. By merging Levites’ macro expertise with quantitative rigor, BWGI is building a framework to navigate both Brazil’s growth potential and global headwinds.

The $2 billion allocation represents more than capital—it’s a bet on the team’s ability to dissect risks like rising interest rates or supply chain disruptions while capitalizing on thematic trends such as decarbonization and digital transformation. With a legacy of disciplined diversification and a new generation of analytical tools, the Moreira Salles family is positioning itself not just to endure, but to thrive in the coming decade. Their success will likely serve as a template for other ultra-high-net-worth families seeking to balance preservation with aggressive growth—a lesson every investor should heed.