Challenges unite us, as we build a strong team of professionals and a history of distinctive performance.

With over 20 years of experience, we know that long-term results are built on deep market knowledge and solid client partnership. Our executives are our main shareholders. And we are proud to be a restless team, fully committed to our work.


years of history

+US$ 2bn

under management


professionals working together

What makes us unique?

Commitment to long-term alignment and trust with our clients,
ensuring excellence in every step of the way.

Consistent and Grounded Decisions

We approach our fundamental analysis with discipline and investigative depth. This method grounds our assertions, helping us separate noise from fundamentals.

Client Relationship

We understand that investing in Constellation is a longstanding investment in our team. The trust that our clients place in us is no trivial matter. That is why we nourish close relationships, placing ourselves in their shoes and identifying their needs every step of the way.


Our story began in 1998 when Utor Asset Management was founded by the former partners of Bank Garantia: Jorge Paulo Lemann, Marcel Telles and Beto Sicupira. They invited Florian Bartunek to leave Bank Pactual in order to manage their equities portfolio. In 2002, Florian and Lemann decided to found Constellation, opening their successful strategy to external investors.


Florian Bartunek is invited to manage the equities portfolio of Bank Garantia’s former partners.


As a result of Florian and Jorge Paulo Lemann’s partnership, Constellation is born with
R$ 64mn under management.


Launch of the ‘Long Only’ strategy. R$ 203mn under management.


Lone Pine Capital (American hedge fund) buys a stake of Constellation. R$ 943mn under management


Constellation ends the year with +R$ 2.4bn under management.


Constellation becomes a signatory of PRI (Principles for Responsible Investment) with +R$ 5.0bn under management.