Business

Brazil broker XP acquires a stake in the AZ Quest management company

The transaction, made in partnership with XP Private Equity fund, gives both the option to increase their stake in AZ Quest over the next two years

Reuters and LABS

19.Oct.2021 11:07 BRT

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XP will have a seat on the board of AZ Quest, which will maintain operational autonomy;
With the acquisition, Azimut hopes to increase synergies with XP’s distribution platform.

Brazil‘s investment platform XP announced on Tuesday the acquisition of a stake in asset manager AZ Quest, for an undisclosed amount.

“The acquisition is part of XP’s strategy to develop the most complete ecosystem of managers and distributors in Brazil,” XP said in a statement.

The transaction, done in partnership with XP Private Equity fund, gives both the option to increase their stake over the next 2 years in AZ Quest, which has Italian group Azimut as its main shareholder.

With the acquisition, Azimut expects to increase synergies with XP’s distribution platform. “XP’s partnership with AZ Quest positions us alongside one of the most traditional independent fund managers in the country, which stands out for its high-quality products, solid infrastructure, and operational controls,” said Leon Goldberg, partner and head of the institutional relationship with XP’s managers, in a press release.

“We believe there is a great growth opportunity for independent asset managers in Brazil, as a result of the financial maturation of the local market. Through this co-investment, we expect to leverage XP Inc’s ecosystem to drive AZ Quest’s growth,” said Guilherme Teixeira, partner at XP Private Equity fund.