Private banking has been big business in Brazil this year.
XP’s PB business has grown its assets under custody (AuC) by 300% to R$240 billion ($44 billion) in the last 12 months, according to Beny Podlubny, its global head of XP Private.
Where is this growth coming from? As Podlubny tells Euromoney, almost exclusively from liquidity events as Brazilian capital markets activity surged in the second half of the year.
Almost 100% of the new money was explained by IPOs, secondary offerings and M&As
Beny Podlubny, XP Private
“I would say almost 100% of the new money was explained by IPOs, secondary offerings and M&As,” he says.
“We are seeing a lot of money flowing and we are helping the newly rich to invest their money – but also in offering custodial services for their stocks [in the recently listed companies], which helps to explain the rapid increase in AuC.”
Podlubny says that most of these newly...
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