Business
XP Inc. Acquires a Minority Stake in AZ Quest, One of the Largest and Most Traditional Independent Asset Managers in Brazil
SÃO PAULO, Brazil, Oct. 19, 2021 (GLOBE NEWSWIRE) -- XP Inc. (Nasdaq: XP), a leading, technology-driven platform and a trusted provider of low-fee financial
About this update from Xp Inc.
[{"type":"text","content":"SÃO PAULO, Brazil, Oct. 19, 2021 (GLOBE NEWSWIRE) -- XP Inc. (Nasdaq: XP), a leading, technology-driven platform and a trusted provider of low-fee financial products and services in Brazil, announced today the acquisition of a minority stake in AZ Quest, one of the largest and most traditional independent asset management companies in Brazil, and part of Italian Azimut Group since 2015. AZ Quest has a diversified platform of products that include Equities, Macro, Private Credit and Arbitrage strategies. The acquisition is part of XP's strategy to develop the most complete ecosystem of managers and distributors in Brazil. The transaction is a co-investment with XP Private Equity fund (“XP PE”). XP and XP PE will have the option to increase their stake within the next 2 years. With this transaction, XP expects to increase synergies in its distribution platform, increasing penetration for AZ Quest funds across the largest funds open platform in Brazil. Azimut and XP will seek to expand cooperation across other areas, including the wider range of Azimut’s global products. “XP's partnership with AZ Quest places us alongside one of the most traditional independent managers in the country, which stands out for its high-quality products, solid infrastructure and operational controls,” says Leon Goldberg, partner and Head of Relationship Management and Funds Research at XP. “We believe there is a great opportunity for independent asset managers in Brazil to thrive, as a result of the financial deepening in the local market. Through this co-investment, we expect to leverage XP Inc’s ecosystem to boost AZ Quest’s growth,” says Guilherme Teixeira, partner at XP Private Equity fund. “Azimut gains an important strategic partner, complementary and similar in values and approach in the way of doing business. This union of forces will allow us to accelerate, with even more ambitious goals, our growth plans for Brazil which is a strategic market of our integrated global platform,” states Giorgio Medda, Azimut Co-CEO and Global Head of Asset Management at Azimut Group. About AZ Quest One of the largest and most traditional independent managers in Brazil, with R$17.3 billion in assets under management and an “MQ1” (excellent) rating from Moody's in management quality. It has a diversified portfolio, with fixed income, private credit, macro, multima...