BlueTrade incorporates LHx into larger deal between XP autonomous agents By Reuters

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© Reuters. .

Por Paula Arend Laier

SAO PAULO (Reuters) – BlueTrade, the third largest investment advisory firm associated with XP, announced on Friday the incorporation of LHx Investimentos, which will raise the value of the group’s assets in custody (AuC) to 7.6 billion euros. real.

“It is the largest incorporation made in the history of the XP network,” said Wagner Vieira, founding partner of BlueTrade, who before the operation had 6 billion reais in AuC.

He explains that the agreement did not involve money, but exchange of participation, with the partners of LHx taking 9% of BlueTrade, which will cause the share of Vieira and the other founding partner, Leone Cabral, to decrease to 72%, 81% before.

With the transaction, the office, which was born in Franca (SP) 11 years ago and is present in eight cities in the country, including Rio de Janeiro and São Paulo, enters Goiânia and Brasília, expanding its client base from 11 thousand to 15 thousand. The team goes from 220 to 320 employees.

Vieira estimates that the AuC after the merger should reach 8 billion reais at the end of this year and double in 2021, following the fall in interest rates that has led many investors to seek more attractive returns. “Investors are in need,” he said. “The scenario has changed.”

In this context, he works with a billing projection of 60 million reais for 2020. “And next year, we will probably double again,” he estimated.

The executive recalls that when creating BlueTrade with the partner, both bank graduates and in a 30 square meter room, the office took eight years to reach the first billion reais in AuC.

“Now there will be more than 4 thousand square meters” in the area occupied by the office in the different cities, he said, suggesting that this area may increase even more.

“We are talking in parallel with other offices,” he said without naming names, only that they are in cities like São Paulo, Rio de Janeiro and Brasília. “We will still see a lot of consolidation in the sector,” he added.

Vieira does not rule out the possibility of BlueTrade becoming a broker, but says it is not something for the short term. “Today there is still a lot of space to continue as an autonomous agent … I don’t see (this change) for this year, next year.”

XP and BTG Pactual (SA 🙂 have been fighting a dispute by autonomous agents, punctuated this year by the decision of one of the largest offices linked to XP, EQI Investimentos, to disband the group to join BTG Pactual.

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