SPX Capital loses key Singapore traders amid broader global restructuring

## KEY TAKEAWAYS - SPX Capital has lost two senior Singapore portfolio managers—Predee Anuvatnujotikul (June departure) and Garret Mallal (August departure)—as documented in regulatory filings, signaling continued executive attrition amid operational restructuring. - Key trader Soh Yang Yao departed SPX earlier in 2026 and has since joined rival hedge fund Marshall Wace, reflecting competitive talent poaching during a period of firm instability. - SPX Capital's assets under management have declined to $9 billion as of June 30, 2026, down from a previous peak of approximately $15.5 billion, representing a 42% contraction and placing significant pressure on the firm's competitive positioning. - William Bethlem, former chief executive of SPX's Singapore operation, has relocated to New York and surrendered his financial representative status with the local entity, with Elsa Yachita assuming the role in January 2026. - The Singapore departures are part of a broader global restructuring that includes the winding down of the firm's London operation and multiple portfolio manager exits in recent months. ## DETAILED SUMMARY SPX Capital, one of Brazil's largest hedge fund managers, is experiencing significant leadership turnover and operational contraction following a period of weaker performance and investor withdrawals. According to Bloomberg reporting on regulatory filings, the firm has lost two senior portfolio managers from its Singapore operation: Predee Anuvatnujotikul, who departed in June 2026, and Garret Mallal, who left in August 2026. The departures represent a meaningful erosion of the firm's Asia-Pacific management bench. The talent exodus extends beyond Singapore. Soh Yang Yao, a key trader at SPX, exited earlier in 2026 and subsequently joined Marshall Wace, a rival hedge fund, according to regulatory documentation. Additionally, William Bethlem, who served as chief executive of SPX's Singapore operation, has relocated to New York and is no longer listed as a financial representative of the Singapore entity. Elsa Yachita assumed that position in January 2026, marking a leadership transition during a period of operational stress. The Singapore developments reflect a broader restructuring effort across SPX Capital's international footprint. The firm has reportedly been winding down its London operation while simultaneously managing multiple portfolio manager departures across its global platform in recent months. This wave of attrition occurs as SPX navigates a substantial contraction in assets under management. The firm managed $9 billion as of June 30, 2026, compared to a previous peak of approximately $15.5 billion—a decline of 42 percent. This asset erosion reflects both investor redemptions and performance headwinds that have pressured the firm's competitive position. SPX Capital declined to comment on the departures or broader restructuring efforts.