LatAm private banking: XP reaches outside the comfort zone
Beny Podlubny, head of XP Private, talks to Euromoney about the metaverse, risk appetite, international expansion and why Brazilian clients like to keep things close to home.
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.
Alongside global inflation and cryptocurrencies, Podlubny says the investment team is exploring how to respond.
“We are looking to offer some exposure to the metaverse – not necessarily through buying land [in the virtual world] but more indirectly, maybe through a note or some funds that take exposure in companies that can benefit,” he says.
Days after he spoke, XP launched a metaverse fund for its retail clients. With a very non-private banking minimum ticket of R$100 ($18.50),