BRAZIL · BANKING
Key Facts
- The country Brazil is Latin America’s largest economy, and its investment advice market is split between big banks and independent advisory offices.
- What happened SIR Investimentos, an advisory office with R$3.7 billion (about US$736 million) in client assets, joined the partner network of BTG Pactual this month.
- The switch SIR ended a partnership of about 15 years with XP Investimentos, the Nasdaq-listed Brazilian broker, to make the move.
- The reach SIR is based in João Pessoa and works in three Northeast states, with about 50 professionals and 5 offices.
- The reason SIR wants more independence and a full banking structure, which should help it serve wealthier clients.
- Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 75.0 points (October 2026 edition).
- What it means for you The move shows advisory offices still shop between big Brazilian platforms, which matters to anyone who invests in Brazilian bank or broker shares.
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BTG Pactual, the Brazilian investment bank, has signed a Northeast office with R$3.7 billion (about US$736 million) in client money, Exame reported on 22 October. The office, SIR Investimentos, announced the tie-up on Monday 19 October, says Portal da Capital, after about 15 years with rival broker XP Investimentos.
For US readers it shows where Brazil’s wealth business is moving, since XP is listed on Nasdaq and BTG has a Rio Times company profile. Exame belongs to the same controlling group as BTG, and dollar figures use 5.02 reais per US dollar on 22 October 2026.
What SIR Investimentos Brings to BTG
SIR is an investment advisory office, a firm of independent advisers who sell investments to clients through a big platform and share the fees. It holds R$3.7 billion (about US$736 million) under custody and works in Paraíba, Pernambuco and Rio Grande do Norte, Exame reported.
The firm was founded in 2007 by Sérgio Guedes, Rodrigo Guedes and Igor Zaccara and was one of the first advisory offices in Paraíba. It is based in João Pessoa and has expanded to Recife, Natal, Caruaru and Mossoró.
Today SIR has about 50 professionals and five physical offices. It plans to use the BTG tie-up to deepen its presence where it already works and to win new clients and advisers.
Why the Office Left XP
Chief executive Sérgio Guedes told Exame that the main reason was a search for more autonomy in running the business. He said: “Autonomy has always been one of the pillars of our business.”
BTG Pactual won the contest on two points, according to Exame. One was its closeness to partner offices, and the other was a banking structure that lets SIR serve richer clients beyond simple investment sales.
Guedes said the banking structure was what struck the firm most. He added that SIR wanted a business partner and not just an investment platform.
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How BTG Pactual Is Doing
BTG earned adjusted profit of R$5.1 billion (about US$1.0 billion) in the second quarter, Seu Dinheiro reported on 11 August. That was 22.6% above a year earlier and beat the analyst average of R$4.857 billion (about US$967 million).
Its return on average equity, a measure of profit against shareholder capital, was 26.7%. Assets under management plus wealth under management reached R$2.7 trillion (about US$537 billion), up 24.6% from a year earlier.
BTG’s wealth and asset platforms drew R$59 billion (about US$11.7 billion) of net new money in the quarter. Partner offices such as SIR are one way BTG Pactual gathers that kind of client money.
A Switch Others Have Made Before
Advisory offices have moved from XP to BTG in earlier waves. In July 2020 Exame reported that the Prosperidade office had joined BTG, which it said was already hosting 22 former XP partner offices.
In May 2021 Suno Notícias reported that Onix Capital of Salvador, which had about R$500 million (about US$100 million) in client assets, would leave XP. The same report said BTG then had about 100 offices on its platform.
Those earlier numbers are years old and BTG’s present network size has not been published in the reports on SIR. The SIR move therefore adds one more name to a long-running contest between the two platforms.
What It Means for US Readers
US investors who hold XP, which trades on Nasdaq, or who follow Brazilian bank shares should note that advisory offices decide where client money sits. The Rio Times covered XP’s recent outlook when it cut its Brazil growth forecast for 2026.
One office with about US$736 million in client assets is small beside BTG’s R$2.7 trillion (about US$537 billion) of managed and wealth assets. It is still a signal that independent advisers value freedom and a full banking offer.
Americans who invest in Brazil through a local adviser can ask which platform holds their money and what services it provides. Portal da Capital said SIR now shows its brand next to BTG’s and invites clients to meetings about the new phase.
What Is Not Known
Neither BTG nor SIR has published the commercial terms, so the fees, revenue split and any signing incentives are unknown. Exame did not say how many clients or advisers will move their accounts to BTG.
It is also unclear how much of the R$3.7 billion (about US$736 million) will shift to BTG and over what period. No XP comment has appeared in the reports on the move.
More: Brazil news in English, every day from The Rio Times.
Frequently Asked Questions
What did BTG Pactual announce about SIR Investimentos?
SIR, a Northeast investment advisory office, joined the BTG Pactual partner network this month, Exame reported on 22 October. The office holds R$3.7 billion (about US$736 million) in client assets.
Why did SIR leave XP Investimentos?
Chief executive Sérgio Guedes said the main reason was a search for more autonomy in running the business. He also praised BTG’s full banking structure and its closeness to partner offices.
Where does SIR operate?
SIR is based in João Pessoa in Paraíba and also works in Pernambuco and Rio Grande do Norte. It has offices in Recife, Natal, Caruaru and Mossoró.
Is Exame independent of BTG Pactual?
Exame says it belongs to the same controlling group as BTG Pactual. This article therefore sets out the facts as Exame gave them and adds BTG’s own results from other outlets.
Does this change anything for US investors?
On its own it does not move results, because US$736 million is small beside BTG’s R$2.7 trillion (about US$537 billion). It is one more sign of competition for Brazilian wealth clients.
Sources: Exame, 22 October 2026; Portal da Capital, 20 October 2026; Seu Dinheiro, 11 August 2026; Exame (Prosperidade), 17 July 2020; Suno Notícias, 26 May 2021.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief