The Fictor Invest FIDC fund , managed by Fictor Asset , was closed to redemptions after receiving withdrawal requests exceeding 40% of its net assets, which totaled R$ 272.14 million at the end of February. An Extraordinary General Meeting (EGM) was scheduled for Monday, March 9th, to discuss the possible liquidation of the fund.

Among the justifications for closing the fund, according to a document obtained by NeoFeed , is the allocation of the fund to other FIDCs (Investment Funds in Credit Rights) "with liquidity terms incompatible with the volume of immediate redemptions requested."

According to data obtained by NeoFeed , at the end of January, Fictor Invest FIDC had R$ 179.23 million in financial investment funds (without specifying the category) and R$ 92.9 million invested in FIDCs.

The asset manager was part of the first group of Fictor companies to file for judicial reorganization (RJ) in early February. Even without court approval and with the 30-day injunction preventing collections nearing its end, Fictor also included other companies from the group in the RJ filing on Wednesday, February 25th.

Although the fund is independent of the bankruptcy filing, the company reported that "reputational similarity and brand unity have led to an atypical and significant increase in redemption requests" for the Fictor Invest FIDC (Credit Rights Investment Fund).

The case is similar to the one that led the company to file for judicial reorganization, which, according to Fictor, was motivated by the inability to honor redemption requests related to the issuance of Special Purpose Entities (SPEs).

According to Fictor, the ransom requests were motivated by increased media scrutiny of its operations and the negative repercussions of its attempt to buy Banco Master , which is under investigation for fraud against the financial system and money laundering.

By 2025, Fictor claims to have raised approximately R$ 3 billion in SCPs (Special Purpose Entities). After the offer for Master in November, redemption requests exceeded R$ 2 billion.

Outside the CVM's (Brazilian Securities and Exchange Commission) umbrella, SCPs (Special Purpose Companies) promised investors returns of up to 3% per month and rebates of up to 2% per month to advisors.

With the SCPs (Special Purpose Companies) under suspicion, Fictor changed its fundraising model starting in November, offering investors the Fictor Invest FIDC (Credit Rights Investment Fund), as reported by NeoFeed , with target returns of 1.4% to 1.8%.

Just like the SCPs, which have not been paid to this day, the redemption period for the fund was 60 consecutive days.

By the end of January, Fictor Invest FIDC had already attracted 917 investors, comprising 906 individuals and 11 non-financial legal entities.

The closure of the fund also coincides with the decision by BRL Trust (now Apex Brazil) to relinquish its management of the fund. The administrator has committed to maintaining its obligations to the fund for a period of up to 180 days or until the liquidation date.

Other Fictor FIDCs that were not intended for individuals transferred their administration to Qore Distribuidora de Títulos e Valores Mobiliários. This is the case with EUD Fictor FIDC and Fictor Consignado II FIDC, while Fictor Consignado III FIDC, created this year, was already under Qore's administration from the start.

The FIDC Fictor, which was also not intended for individuals, had its transfer to Qore approved at an Extraordinary General Meeting held on Monday, the 23rd. However, according to a note received by NeoFeed after the publication of the report, the fund did not go through the compliance and due diligence processes and was rejected by Qore.

With Vórtx's resignation request, investors will have 180 days to find a new administrator who will accept the fund.