When Bradesco announced its joint venture in asset management with Banco BV in August 2022, the market saw the move as an attempt by the Cidade de Deus bank to create its own " Kinea ." It was a clear move to try and replicate the successful model of Itaú's alternative asset management arm, which today has R$150 billion under management. But Tivio Capital, the asset management firm created between Bradesco and BV, did not achieve the expected success, and the partnership has just been dissolved.

Bradesco has acquired the remaining 49% stake held by Banco BV, thus gaining full control of the asset management firm. The move, announced on the morning of Monday, April 20th, formalizes an outcome that had been brewing behind the scenes. In a report published in December 2025, NeoFeed anticipated that BV would exercise its right to exit, while the firm underwent a change in leadership after Christian Egan left for Santander.

Sources interviewed for this report claim that the shared management structure wasn't working, with conflicting visions between the parties. One of the issues is that Bradesco's client base, which provided the bank's distribution power, is still heavily focused on traditional fixed income. A learning curve is still needed for the distribution of alternatives, which has always been the focus of the new asset manager. And the banks' need for speed in this process was different.

Furthermore, along the way, Bradesco's asset management firm managed to navigate the private credit cycle well and attracted a lot of capital, while Tivio did not. This shows that the asset managers were competing in the same market, but in BV's view, not on equal terms.

Amidst all this, the Joint Venture lost size. When it emerged, the asset manager had R$ 42 billion in assets under management and R$ 22 billion under custody in private banking. After that, however, the firm lost size, falling to R$ 24.4 billion and, according to the most recent data from Anbima, from February 2026, it now has R$ 32 billion under management.

According to market sources consulted by NeoFeed , Tivio has made the decision to strategically downsize, exiting some more traditional management areas such as multi-market, fixed income, and equities to focus on alternative, high-value-added management. The investment firm is currently strong in the credit sector and also operates in equity, real estate, infrastructure , energy, and agriculture.

Apparently, the strategy has started to yield results. In the last 12 months, Tivio has raised R$ 4.1 billion in net capital. However, half of its assets remain allocated to fixed income, which shows that, despite the talk about alternatives and structured investments, the firm still has a significant portion of its client base concentrated in a more traditional asset class.

Beyond the distribution problem, competition for investment in alternatives is becoming increasingly fierce, especially with the growth of Patria and Vinci, which have managed to make acquisitions and strengthen themselves by attracting investors in the local and global markets.

According to a statement released by Bradesco, Tivio will continue to operate independently, with its own governance and decision-making autonomy, while Rodrigo Freire officially assumes the role of CEO, after serving in the position on an interim basis. The bank also stated that the full acquisition of the asset manager is part of its strategy to expand its operations in alternative assets and structured investments in Brazil.

"Tivio occupies a strategic role in its product portfolio by complementing it with solutions aimed at private markets and structured investments." "The asset manager will continue to focus on institutional and high-net-worth investors, with products distributed both through the Bradesco network and other institutions," the statement says.

When contacted, Tivio Capital declined to comment.