BIOGRAPHY
MARCELO
A DE PAULA
FORMAL EDUCATION –
ECONOMICS
Ph.D. in Economics, May 1993, University of Illinois at
Urbana-Champaign, United States.
M.A. in Economics, January 1989, University of Illinois at
Urbana-Champaign, United States.
Bachelor in Economics, December 1986, Universidade Federal de Minas
Gerais, Brazil.
FIELDS OF SPECIALIZATION IN THE Ph.D. PROGRAM
International Economics, Economic Development, and Econometrics.
PROFESSIONAL EXPERIENCE
Conatus Consultoria & Investimentos Ltda – Asset Management – Senior
Partner
(August 1997 – present)
As the General Manager and co-founder of Conatus Asset Management, Mr De
Paula is responsible for the investment analysis department of the firm. Mr De
Paula is also legally authorized by the Brazilian Securities Exchange
Commission (CVM) to exercise portfolio management activities since 1999.
Conatus was granted the authorization to operate as an asset management firm
from CVM in 2003.
The company has focused its attention to manage financial resources in
the Brazilian stockmarket. A completely unique investment model which
incorporates an in-depth fundamental research on various industries has been
developed to provide assistance in the decision-making process of asset
allocation. The analytical framework extensively uses quantitative analysis as
well as recognized theories in the fields of finance and econometrics in order
to better structure the investment strategies.
In addition to that, Conatus’ investment methodologies are supported by
robust data sources in order to create the necessary conditions for a sound
understanding of the companies being considered as potential long-term
investments. The economic fundamentals are viewed as key parameters for
forecasting future performances and, consequently, for implementing the most
efficient investment allocation.
Over the years, the investment strategies devised by Conatus have been
able to generate, under controlled risks, strong results for its shareholders
with long-term investments in the Brazilian stockmarket.
Investment advisory services for individuals and small firms are also
provided by the firm.
Economist
(November 1996 – July 1997)
Development of a comprehensive financial modeling for the Brazilian
stockmarkets using MS-Excel spreadsheets.
Involved in the elaboration of the economic and financial content of a
Confidential Information Memorandum for Rádio-Beep Telecomunicações.
Localiza Rent a Car S/A – Financial Projects Manager
(February 1995 - October 1996)
Structured the long-run financial strategies for the company in the
Brazilian capital markets.
In association with the ING-Barings bank, development of a complete
economic and financial analysis of the business by using the Discounted Cash
Flow Methodology.
Elaboration of a complete Information Memorandum for the Private Equity
Placement.
Mr De Paula has also participated in the process of a legal due
diligence undertaken by the law firm Pinheiro Neto Advogados.
In collaboration with the ING-Barings bank, Mr De Paula actively
participated in the private equity placement of the company which intended to
bring a qualified financial minority stake to support the growth prospects of
the business. The financial operation was successfully concluded in 1996 and
brought the Securities Corporation Donaldson, Lufkin & Jenrette – DLJ[1] as the
new shareholder of Localiza. The private equity raised US$ 50 million and
DLJ acquired 1/3 of Localiza’s common shares.[2]
Mr De Paula was also responsible, during his tenure at Localiza, for the
financial elaboration of the Total Quality Program with the Brazilian
government financial agency, FINEP.
After the conclusion of the private equity placement in 1996, Mr De
Paula decided to quit his position at Localiza in order to start his own
business in the Brazilian capital markets.
Economist
(November 1993 - January 1995)
Development of an empirical study which analized the impact of market
concentration on the volatility of the Brazilian stock market. In order
to evaluate the risks of stock market crashes, the study made extensive use of
econometric tools.
Provided investment consulting services for investors interested in a
better understanding of financial statements of publically trading companies in
the Brazil’s stock exchange.
Scholarship
from Conselho Nacional de Desenvolvimento Científico e Tecnológico – Ministério
da Educação (CNPq)
(1989-1993)
Elaboration of a PhD thesis in economics at the University of Illinois
at Urbana-Champaign. The research project studied the inter-relationships of
economic expansion and the performance of Italy’s external sector during the
post-Second World War period. The research also focused its attention on the
impact of the export sector in the process of industrialization of the Italian
economy as well as in the transformation of the economic structure of the
country in the period of 1950-1990.
In this period, Mr De Paula attended the doctorate program at the
University of Illinois at Urbana-Champaign
Research Assistant - University of Illinois
(1987-1989)
MAIN RESEARCH PAPERS
External Debt and Capital Inflow into Brazil,
University of Illinois, December 1988.
Causality between Export Growth and Industrial Production: An Empirical
Study for the Brazilian Economy (1971-1981),
November 1989.
Commercial Policy and Growth Expansion in Italy, 1861-1913, October 1990.
Foreign Trade and Economic Expansion in Italy, 1951-1990, University of Illinois, May 1993.
Will Economic Integration Undermine the Multilateral Trading System?, March 1994.
School
of Music - Federal University of Minas Gerais, Brazil – (1984 – 1986).
[1] Years later, DLJ Securities
Corporation was acquired by the Credit Suisse Group.
[2] Localiza’s stock market value in
2020 was around R$ 50 billion or US$ 10 billion.
