Since the launch of Operation Hidden Carbon in August 2025, the empire that Reag had built so rapidly over the past five years has crumbled. From 2020 until the middle of last year, the company created by João Carlos Mansur grew from approximately R$ 25 billion under management to R$ 340 billion under management and administration, but in just a few months this castle collapsed.

On the morning of Thursday, January 15th, the Central Bank ordered the extrajudicial liquidation of its securities and exchange distribution company CBSF (formerly Reag Investimentos), which is under investigation in the Master Case . In parallel to this move, asset management firms and wealth management companies acquired by Mansur's company are attempting to move on and erase this chapter from their history.

And there are quite a few companies. Reag has acquired more than 15 assets in recent years. For example, it had plans to become a major wealth management firm. In 2023, it bought part of Hapier Investimentos and Quadrante Investimentos. The following year, it acquired Berkana Investimentos and Hieron Patrimônio Familiar .

Since the acquisitions were made on credit, with payments extending up to four years, it became clear after the Federal Police operation that Mansur's company would not complete the payments. Therefore, an agreement was reached to repurchase the businesses.

Following the buyback, another movement began to take shape: wealth management groups are moving towards changes in their governance and, to turn the page, some are planning a rebranding or moving on to another company.

Reag Investimentos, for example, became known as Arandu Investimentos, with the former founding partners of Hapier, Dario Graziato Tanure (who has no connection with Nelson Tanure), Felipe Oppenheimer Pitanga Borges, and Cedro Participações, as its controlling shareholders.

The company was corporately linked to the other acquired companies. On Wednesday, January 14th, the company announced, through a material fact notice, the sale of Hieron Investimentos, owned by Robert van Dijk, and Quadrante Investimentos, owned by Álvaro Marangoni, removing the last ties. A month ago, CVPAR signed a memorandum of understanding for the purchase of Quadrante and Hieron.

On the same day, Reag Investimentos announced that it had reached an agreement to sell Berkana to its former controlling shareholder, Luiz Lima. According to sources consulted by NeoFeed , the company intends to resume operating independently under its original brand.

Sources connected to the wealth management market who spoke to the reporters say that Reag's wealth management operation has suffered in recent months with the departure of some families following the launch of the Federal Police operation. They also believe that its offshoots will suffer from a crisis of confidence.

From the market's perspective, these were highly respected firms and individuals in the financial market who, due to the intensification of the wealth market, saw an opportunity to join a large conglomerate and gain scale.

Everyone thought Reag was suspicious, but it managed to attract competent people, which may have provided a sense of security for these executives to join. The fact that the businesses were unknown is normal in the wealth management industry, where families like to remain anonymous with their businesses.

“The problem is that wealth management is basically about client trust. Now it will depend on the relationship they have with the house and with the people who are there to stay, but there has been a significant stain on that association,” says a wealth manager, who did not want to be identified.

One point in their favor is that the clients' exclusive funds never came under Reag's management; they remained with the large banks with which the families already had relationships. This shows that there was independence in the operation, as there was before. Furthermore, there are no reports of clients holding CDBs (Certificates of Deposit) from Banco Master.

People close to the executives say that they feel like victims, having believed in the project, lent their reputation to it, and now have to deal with this stain on their career, rushing to turn the page quickly.

Reag also acquired the asset management firms Empírica and Quasar Asset Management in 2024. The former was sold a few days after Operation Hidden Carbon to Smart Hub Participações, a holding company of SRM Asset, which will then have R$ 7 billion under management.

Quasar Asset Management, in turn, remains within Reag. As does the BizHub Ventures platform from Alvarez & Marsal, acquired to mark its entry into venture capital, in line with the launch of Reag Growth & Ventures.

According to market insiders, both asset firms were experiencing mark-to-market issues and asset-liability mismatches. Reag emerged as a solution at a bad time for M&As.

But it seems they haven't managed to capture much since entering the system, and after the investigations involving Mansur's firm, they were suffering ransom demands.

But their chances of continuing under a different name and in a different location are high. “They are good managers. A rebranding and merging with another firm would erase their legacy. The allocation decisions are made by professional managers,” explains a market allocator.

One sale that has already been transacted is that of Ciabrasf – Companhia Brasileira de Serviços Financeiros (linked to fiduciary administration, custody and structuring) to B100 Controle e Participações, a holding company of the Planner Group , completed on January 6th.

The company had been listed on the B3 stock exchange through a reverse IPO by Reag itself, containing more than 700 funds and net assets under management of approximately R$ 240 billion.

Other reverse IPOs are also underway at the holding company. These include Revee, a real estate company whose business model is based on the revitalization of real estate assets, which listed in April, and Belora RDVC City , a real estate services company that went public in June of last year.

While the first reverse IPO, which transformed GetNinjas into Reag Investimentos, had a portion liquidated this Thursday already renamed CBSF Distribuidora de Títulos e Valores.

When contacted, Reag stated that they would not comment or give an interview.