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WealthTech Magnetis, a high-yield digital asset manager, has been acquired by BTG Pactual in Brazil

August 23, 2023
Por
Marcelo Sakate
Marcelo Sakate
Editor na EXAME.
📷
Globo
The investment bank makes an acquisition that accelerates scale gains for its retail-focused digital platforms, as well as access to technology, in this case
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BTG Pactual has returned to the acquisition market and agreed to buy Magnetis, a 100% digital asset manager that uses robo-advisors to define allocation strategies and is considered a pioneer in this segment in the country. The value of the transaction has not been disclosed.

According to the bank in a statement on Tuesday evening (22), the acquisition is part of the bank's strategy of expanding its digital platforms, increasing its customer base and advancing the offer of products and services for individuals.

Magnetis, founded by Luciano Tavares and which began operating in 2015, currently has 56 professionals. The volume of assets under management was not disclosed.

The company, which also operates as a broker and serves high-income clients, has as its main investors Monashees, Vostok Emerging Finance, Redpoint eventures and Julius Baer, one of the world's largest wealth management groups, which are now selling their stakes.

Sergio Furio, founder and CEO of Creditas, and Guilherme Horn, were other investors in the startup.

"The purchase of Magnetis will bring us even more gains in scale, expanding our client base. We will have more cost dilution with gains in efficiency, synergy and productivity," said Marcelo Flora, the partner responsible for BTG Pactual's digital platforms (BPAC11), in a statement.

The executive has led this strategy in recent years, which represented the investment bank's entry into the retail segment through digital channels. The investment in the development of the digital platform consumed more than R$1 billion, and the business expands the operation's profitability capacity.

Between 2020 and 2022, before the market turnaround with rising interest rates, BTG bought Ourinvest, Necton Investimentos, Elite Investimentos, EQI (49%), Grupo Universa (Empiricus and Vitreo) and Kinvo, as well as the individual client portfolios of Fator Corretora and Planner. In 2017, it acquired Network Partners, entering distribution through independent agents.

It has also bought stakes in independent agent offices, always related to expanding the platforms' distribution capacity.

"With this acquisition [of Magnetis], the bank will have access to a set of technology solutions and systems that have been under development for over ten years, which is why the company has been recognized by the local media as one of the leading wealth techs in Brazil," said Flora.
"With the acquisition, we will be able to offer an even more complete package of solutions," Tavares, who was an executive and VP at Merrill Lynch and founded Nest Investimentos before Magnetis, said in a statement.

On another front, BTG Pactual also bought stakes, mainly in assets such as Clave, Perfin, Canuma, Ryo, Absolute and Kawa Capital, related to the management capacity strategy.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

BTG Pactual has returned to the acquisition market and agreed to buy Magnetis, a 100% digital asset manager that uses robo-advisors to define allocation strategies and is considered a pioneer in this segment in the country. The value of the transaction has not been disclosed.

According to the bank in a statement on Tuesday evening (22), the acquisition is part of the bank's strategy of expanding its digital platforms, increasing its customer base and advancing the offer of products and services for individuals.

Magnetis, founded by Luciano Tavares and which began operating in 2015, currently has 56 professionals. The volume of assets under management was not disclosed.

The company, which also operates as a broker and serves high-income clients, has as its main investors Monashees, Vostok Emerging Finance, Redpoint eventures and Julius Baer, one of the world's largest wealth management groups, which are now selling their stakes.

Sergio Furio, founder and CEO of Creditas, and Guilherme Horn, were other investors in the startup.

"The purchase of Magnetis will bring us even more gains in scale, expanding our client base. We will have more cost dilution with gains in efficiency, synergy and productivity," said Marcelo Flora, the partner responsible for BTG Pactual's digital platforms (BPAC11), in a statement.

The executive has led this strategy in recent years, which represented the investment bank's entry into the retail segment through digital channels. The investment in the development of the digital platform consumed more than R$1 billion, and the business expands the operation's profitability capacity.

Between 2020 and 2022, before the market turnaround with rising interest rates, BTG bought Ourinvest, Necton Investimentos, Elite Investimentos, EQI (49%), Grupo Universa (Empiricus and Vitreo) and Kinvo, as well as the individual client portfolios of Fator Corretora and Planner. In 2017, it acquired Network Partners, entering distribution through independent agents.

It has also bought stakes in independent agent offices, always related to expanding the platforms' distribution capacity.

"With this acquisition [of Magnetis], the bank will have access to a set of technology solutions and systems that have been under development for over ten years, which is why the company has been recognized by the local media as one of the leading wealth techs in Brazil," said Flora.
"With the acquisition, we will be able to offer an even more complete package of solutions," Tavares, who was an executive and VP at Merrill Lynch and founded Nest Investimentos before Magnetis, said in a statement.

On another front, BTG Pactual also bought stakes, mainly in assets such as Clave, Perfin, Canuma, Ryo, Absolute and Kawa Capital, related to the management capacity strategy.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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