XP inc , a leading, technology-driven financial services platform and a trusted provider of low-fee financial products and services in Brazil, announced that the company has formed a partnership in the Wealth Management segment with a group of experienced private bankers that are former executives of Credit Suisse Hedging-Griffo. XP Inc. will hold a 49.9% minority stake in the company, with the transaction complementing the existing offering to ultra-high-net-worth individuals. Further, the partnership reinforces XP’s mission of attracting talented and long-term oriented entrepreneurs to our ecosystem.
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The team’s expertise in Wealth Management combined with XP’s wide range of products and complementary services, including capital markets, structured products and collateralized credit present opportunities to further exploit synergies and optimize clients’ portfolios. The company will start operations as soon as the executives comply with non-compete agreements with their former employer.
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Private Banking is one of the key markets that management has targeted for further expansion by leveraging the company’s continuous improvement in its product platform and best-in-class customer service. According to the latest Anbima data, in July 2020 the Brazilian Private Banking market (individuals or groups with more than R$3 million in investments) accounted for R$1.4 trillion in total assets. XP Inc. will continue to actively seek opportunities in all markets to partner with companies and entrepreneurs that share XP’s purpose and values and can add meaningful value to the business over time.
According to Guilherme Benchimol, XP´s founder and CEO, “This unique transaction allows us to partner with successful professionals with a proven track record in the Brazilian Private Banking market. We are confident that this initiative will strengthen our platform and further disrupt the Private Banking segment, which is still very concentrated in Brazil.”
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