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.
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