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Investment firm Zest has announced a strategic alliance with XP Wealth Services, aimed at expanding investors’ access to international products and strengthening new business lines targeting high net worth clients. The partnership marks an important milestone as it is the first transaction for the XP Wealth Services platform to drive growth in Latin America.
(Lea: ‘Deglobalization’ leads Morgan Stanley to focus on Latin America).
“Zest’s business plan is very similar to the one we have developed in Brazil, with technology, financial education and qualified professionals as the fundamental pillars to revolutionize the local investment industry. We believe we have chosen the right partner, especially for Zest, and we see a great opportunity to leverage XP Wealth Services US’s strong investment platform to drive business growth in the Latin American market,” explains Rodolfo Bastos, International Director of XP US.
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Goal: $5 billion in assets
Zest was founded in Peru in 2016 by Brazilian resident Arthur Silva to promote financial education for local investors and lead the development of investment professionals in the country. The company plans to expand by opening branches in the following regions: Uruguay, Chile and Colombia, with support from XP Wealth Services US, It aims to reach $5 billion in assets and double the size of its team in the next three years.
(Via: This millionaire bought Carlos Slim’s company to invest in the oil business).
“We are investing in democratizing access to capital markets and providing our clients with increasingly sophisticated offshore solutions. With tens of billions of dollars of capital from Latin America being invested primarily in the U.S., our plans to expand our reach and partner with XP Wealth Services US come at a critical time to grow our business and provide us with the technology tools we need to strengthen Zest’s services.””, Arthur commented.
Meanwhile, María Noel Hernández, who is director of wealth management at Zest Group, will be responsible for driving growth in the new business unit.
(Apart from: Losses from the decline in global foreign direct investment in 2023).
“In markets such as Peru, Chile and Colombia, there are no quality international investment platforms, especially for the general public with assets between $500,000 and $10 million. These clients seek offshore investments to diversify their portfolios and protect themselves from market volatility, political risks, and instability of quality services, technology and business vision”, Rafael Pina, head of XP Wealth Services in the United States, explained.
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