LatAm private banking: XP reaches outside the comfort zone

private banking survey results

Global Private Banking and Wealth Management Survey

Brazil’s private banking clients have a deserved reputation as a conservative bunch. Spoiled by a generation of high fixed-income returns they have traditionally shunned risk diversification. They have famously small offshore allocations; until recently very little interest in equity risk; and even within fixed income, they had negative views on private credit, illiquidity premiums or even taking duration risk.

So it’s a surprise when Beny Podlubny, head of XP Private, says the metaverse is one of the leading questions he’s getting from clients these days.