Amid the departure of Christian Egan, former CEO of Tivio Capital , to become head of corporate and investment banking at Santander, the asset management firm, which has Bradesco and Banco BV as partners, is facing a crucial decision-making moment.
It is known in the market that Banco BV has a put option , which would allow it to exit the partnership at the end of this year. And, according to NeoFeed , the bank owned by the Ermírio de Moraes family is expected to exercise it. Currently, Bradesco holds 51% of the joint venture.
When it emerged in August 2022, Tivio Capital had R$ 41 billion in assets under management and R$ 22 billion under custody in Private Banking. But, little by little, it shrank.
The lowest point, according to NeoFeed , was in May of this year, when assets under management reached R$ 24.4 billion. After that, it started growing again, reaching R$ 30.3 billion.
According to a source, the asset manager made the decision to strategically downsize, exiting some areas to focus on others with high added value. Tivio is currently strong in the credit sector and also operates in equity, real estate, infrastructure, energy, and agriculture.
No name has yet been chosen to replace Egan, who took over Tivio Capital in July 2023. Before taking over the investment bank at Santander – the executive will replace Renato Ejnisman, information that was anticipated by the Pipeline website – Egan must observe a quarantine period.
Contacted for comment, Banco BV and Bradesco declined to respond.
