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While The Public Ministry Investigates XP Operations With Derivatives, Thiago Nigro, Of Grupo Primo, Presents BTG Structure In Recent Video; Brokerage And Group Maintain Corporate And Commercial Partnership In The Investment Market
XP Investments has become the target of a Federal Public Ministry (MPF) inquiry to investigate the use of strategies with derivatives, known as “pairing with the asset”, aimed at portfolio protection and limiting gains. The inquiry, initiated by public prosecutor Cláudio Venter, gained public attention in recent days.
Just days after the inquiry opened, Thiago Nigro, founder of Grupo Primo, published a video on his channel highlighting the structure and behind-the-scenes of the investment bank BTG Pactual. The content showcases the internal facilities of the institution’s headquarters, the operation of trading desks, and the services offered to clients of the consulting firm Portfel, one of Grupo Primo’s brands.
XP Investimentos holds a 17.3% equity stake in Grupo Primo, according to an investigation by the portal NeoFeed. The investment, made in late 2024, was part of a prior agreement that stipulated the increase of XP’s share in the company as growth targets were met.
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“Pairing With The Asset” Strategy And The MPF Inquiry
The strategy under investigation, known as “pairing with the asset”, involves the purchase of put options and the sale of call options with the same expiration date and underlying asset. This practice is common in the financial market as a way to limit losses in case of downturns while also capping gains when there is appreciation.
According to reports from consumers on consumer protection channels and mentions in outlets such as the magazine Veja, some investors claim they were not adequately informed about the risks involved. The MPF states that the inquiry aims to consolidate existing due diligence and that, so far, there are no formal charges against XP.
The brokerage has stated that it operates within legality and is available to the authorities to provide any clarifications, reiterating its commitment to transparency and governance.
BTG Pactual And Grupo Primo: Strategic And Commercial Relationship
The video published by Thiago Nigro shows the behind-the-scenes of BTG Pactual, including trading areas, the corporate cafeteria, the service system, and the services offered to high-net-worth clients. During the visit, Nigro mentions the partnership between Portfel consultancy and BTG, highlighting the institution’s service structure and the differentiators offered to investors who choose to move their resources to the bank.
Portfel is currently the largest investment consultancy in Brazil in a growth phase, with over R$ 9 billion under consultancy and management, according to data disclosed by Grupo Primo itself. The company’s focus is on portfolio management, financial planning, and access to banking products through platforms like BTG.
XP Invests In Grupo Primo, But Does Not Participate In Management
The investment of R$ 197.3 million made by XP in late 2024 gave the brokerage a 17.3% stake in Grupo Primo’s capital. The transaction was carried out after a due diligence conducted by consultancies such as PwC and Grant Thornton, and altered the terms of equity participation: XP became a preferred partner, without voting rights or a seat on the company’s board of directors.
This participation, according to market sources, is aimed exclusively at economic interests and does not interfere in the strategic or editorial decisions of the group, which remains under the control of the partnership formed by the founders and executives of Grupo Primo.
Cross Relations In The Financial Market Gain Attention
The proximity between the brands XP Investimentos, BTG Pactual, and Grupo Primo has drawn attention in the financial sector, especially at a time of increased regulation on structured products and derivatives. The recording of the video and the disclosure of commercial partnerships with BTG occur in parallel to XP facing greater public scrutiny.
Despite this, none of the companies have officially commented on the relationship between the events. Grupo Primo maintains partnerships with multiple financial institutions, while XP continues as a shareholder and investor in the group.
Coincidence or strategy? What do you think is behind the Primo Rico video at BTG right in the middle of XP’s image crisis?
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