Brazil’s Itaú Unibanco is finalising a new business-to-business strategy that will allow independent investment advisers, consultants and multifamily offices to distribute its financial products, according to sources familiar with the plan.
The move follows similar steps by XP, BTG Pactual and Safra Invest, Valor reported.
The project is led by Carlos Constantini, head of wealth management, and Renato Cunha, a former XP executive overseeing investment products and the Íon retail platform.
Itaú has reportedly hired professionals from rival institutions and is in talks with independent advisory firms to explore partnership opportunities. The bank declined to comment.
The initiative will centre on Itaú’s wealth services platform, which offers advisory firms access to its investment allocation systems and expertise under a fee-based model.
Constantini has publicly supported this structure since Brazil’s CVM rule 179 increased transparency on investment costs.
The plan gained traction after Itaú hired senior staff from Julius Baer’s Brazilian unit last year, ahead of its sale to BTG Pactual.
Sources said the bank aims to create a “private banking model of the future” built around independent advisers and greater flexibility in client relationships.
Related Articles
Santander Brasil profit beats forecasts as bank trims costs amid credit strain
Santander Brasil reported a third-quarter profit of BRL4bn ($746mn), up 9.4% from a year earlier and above Bloomberg’s forecast of BRL3.75bn. Shares rose more ... more
Brazil’s Velotax secures $23.3mn to expand fintech services
Brazilian fintech Velotax has raised BRL125mn ($23.3mn) in a Series A funding round backed by international investors QED Investors, Valor Capital and Picus Capital, the ... more
Previ chief exit closes Banco do Brasil reshuffle
João Fukunaga’s resignation as head of Previ concludes the management overhaul at Banco do Brasil’s main subsidiaries initiated in July by CEO Tarciana Medeiros, ... more