Brazilian financial services platform XP has entered into a wealth management partnership with a team of private bankers, who were previously executives of Credit Suisse Hedging-Griffo.

The team’s wealth management know-how combined with XP’s offering such as structured products, capital markets, as well as collateralised credit present opportunities is expected to optimise the portfolios of clients.

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The business will launch after the executives adhere to non-compete agreements with their former employer.

XP will have a 49.9% minority interest in the business.

Commenting on the latest partnership, XP founder and CEO Guilherme Benchimol said: “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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Private Banking is a key market targeted for expansion by the management team.

Currently, XP offers financial advisory services for retail clients in Brazil, HNW clients, international clients as well as corporate and institutional clients.

It also offers access to more than 600 investment products through an open financial product platform.

The products are mutual and hedge funds, equity and fixed income securities, structured products, real-estate investment funds, life insurance, pension plans, among others.

XP said that it 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”.