Santander buys 60% stake in Toro Investimentos | Business

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THE Santander Brazil said on Tuesday that, through its subsidiary Pi DTVM, it entered into an agreement with Toro Controle e Participações to buy a 60% stake in the company. Toro Controle is the holding company that ultimately controls the Toro Corretora it’s at Toro Investimentos.

According to Santander, with the unification of operations, each company will contribute with its market differentials to the formation of a complete platform of fixed and variable income products, “with expertise, technology and scale to play a leading role in the growing Brazilian market. investment ”.

When the operation is approved, the Pi brand should cease to exist, but the Toro logo will take on the colors that Pi had. Gabriel Kallas, who is the CEO of Toro, will remain in charge of the new company, and the current CEO of Pi, José Clemenceau, will assume the role of chief operating officer. The transaction, subject to approval by the authorities, will involve the purchase of shares, capital increase and contribution of Pi’s operating assets.

Toro is an investment platform founded in Belo Horizonte in 2010. In 2018, it received the necessary authorizations and started its operation as a securities broker focused on the retail public. Pi, in turn, has a wide offer that includes more than 240 fixed income products on a relevant B2B platform and with structured features for family offices, consultants and investment managers.

In August, Toro reset the brokerage fee for all stock exchange products on its platform.

Santander states that the completion of the transaction will be subject to the signing of the definitive instruments and the implementation of certain usual conditions in this type of transaction, including the applicable regulatory approvals.

“We realized that Pi and Toro are two legitimate representatives of the newest generation of investment platforms. Both are catalysts for the disintermediation and democratization of products previously reserved for customers with more resources. Together, they will be protagonists of this new moment in the Brazilian market, when more and more investors are looking for alternatives to traditional fixed income products, in search of profitability, practicality and security ”, says Alberto Monteiro, executive vice president of Wealth Management at Santander.

The investment market in Brazil is going through a very agitated moment. In July, Credit Suisse announced its intention to buy a 35% stake in Modalmais. In the same month, Neon Payments bought the traditional brokerage Magliano. In August Avenue Securities acquired Coin DTVM. And this month Nubank bought Easynvest.

THE Value showed in June that many investment platforms were experiencing strong growth this year, amidst the interest rate scenario at historic lows. In the case of Toro, the customer base grew 40% from January to May. In the past five months, Toro jumped from 20th to 12th position in B3 in turnover.

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