Just over a month after taking over the helm of XP Asset Management , following a long stint at Vinci Compass, Leandro Bousquet has already outlined an acceleration plan for the asset manager, and part of it may be implemented sooner than expected.

XP Asset, which manages approximately R$200 billion, is reorganizing its offshore management team and expanding its product range abroad. But the latest development is that the asset manager is considering accelerating its entry into global alternative assets, such as private credit and real estate, through partnerships with local managers, rather than acquisitions.

"Eventually, we will anticipate products with alternative characteristics, most likely in partnership. It's not an acquisition, but a joint venture (JV) with someone from outside. This fits into XP Inc 's strategy," says Bousquet, CEO of XP Asset, in an interview with NeoFeed .

In his view, the joint venture model is leaner, less risky, and faster, which can generate a competitive advantage in an increasingly competitive global market.

For Bousquet, the internationalization of XP Asset doesn't begin with the classic approach of attracting foreign investors to invest in Brazil, but rather with the allocation of Brazilian clients' portfolios abroad. "What will come first is offering global products to Brazilian clients," says the CEO.

Building a base of foreign investors to allocate to Brazil remains in the plan, but as a slower-maturing project. "It's a relationship-building process, especially in alternative markets, that takes time to bear fruit," says Bousquet.

To meet this demand, the asset manager has already moved its range of offshore products to the digital environment and created new fund families with varying profiles. The management team is being reorganized in parallel.

The group's international asset management already totals approximately US$15 billion, a volume that, in itself, justifies accelerating the strategy. For this reason, what was intended to be a second phase may become the first: offering global private credit and real estate products through joint ventures with established asset managers in the target markets.

The model reduces regulatory risk, accelerates time-to-market , and avoids the pitfalls that marked XP's previous ventures abroad.

During an event held in Miami, following the opening of XP Private Bank 's new office in March of this year, it became clear that conversations with independent asset managers in the United States are already underway. The American city is identified as the main geographic priority.

Same local logic

While reorganizing its offshore operations, XP Asset is advancing on two fronts in the local market that share the same underlying theme.

The first is Exchange Traded Funds ( ETFs ). This product is most aligned with the fee-based model, where remuneration comes from an annual fee charged on the amount under management or consulted.

Data from Anbima shows that the net worth of ETFs in Brazil jumped from R$ 46.4 billion at the end of 2024 to R$ 90.2 billion in January 2026 – almost double in just over a year. In February 2026 alone, ETFs attracted R$ 5.8 billion, driven mainly by fixed-income ETFs.

"The ETF industry took almost 20 years to reach R$ 50 billion and has doubled in size in the last 24 months. It's a game-changer," says Bousquet.

XP Asset already has 20 ETFs on its platform – including three recently launched inflation-linked ones – and the plan is to have 28 by the end of this year.

The asset manager is among the 12 that brought the most innovations to the market in 2025, a year in which the industry launched 60 new products, bringing the total to 160.

The second front is less obvious. Managed portfolios, a product aimed at retail clients with a minimum investment of R$ 50,000, jumped from 1,200 to 12,000 in 12 months, without significant fundraising efforts.

The managed portfolio market gained traction in 2025, driven by the search for tax efficiency, customization, and a more robust product offering.

According to XP, the growth occurred due to a combination of pent-up demand finding the right structure. And it's a trend that should continue into 2026.

Field in dispute

In the alternative banking world, Bousquet's main calling card given his recent history at Vinci, the executive sees Brazil as still in its infancy. "Banks still dominate the market share . There is enormous room for asset managers," says the CEO.

XP Asset's focus is on structured credit, where the combination of guarantees, diversification, and financial engineering allows for the creation of products with a better risk-return ratio.

The acquisition of Augme Capital at the end of last year doubled the size of the high-yield credit platform – founder Marcelo Urbano is now leading the area at XP Asset.

The big unknown, however, is the timing. The war in the Middle East and the volatility of interest rates could delay the expected drop in the Selic rate, which would directly affect the demand for alternative assets - such as REITs and structured credit.

Bousquet, however, seems confident. "The question isn't whether rates will fall, but rather the magnitude. And that has a very positive impact on the alternative world in general."