Brazil's XP aims to double client assets under custody by 2033

By Paula Laier

SAO PAULO, July 24 (Reuters) - Brazilian financial services platform XP Inc XP.O aims to double its client assets under custody by 2033 from the current 1.3 trillion reais ($235.65 billion), the firm's CEO told Reuters.

XP, whose shares are listed on Nasdaq since 2019, was founded in the early 2000s as an independent financial adviser and has challenged the leading position of Brazil's largest banks in the sector.

In an interview on Wednesday, Chief Executive Thiago Maffra said XP expects to reach the goal by expanding the scope of its investment advisors, a key part of its business, who currently total 18,000.

Most of them are part of external smaller, independent advisory firms that operate through XP's platform.

"From now on, we want the advisors to be truly great wealth planners, able to help clients with much more than just an investment portfolio," Maffra said, adding they should also focus on topics such as succession strategies and tax planning.

"That's the main weapon we are going to use to double our AuC (assets under custody) by 2033," said Maffra, who took over as CEO in 2021 replacing founder Guilherme Benchimol, currently the chairman of XP's board of directors.

($1 = 5.5167 reais)