By Brazil Stock Guide – Bradesco concluded the acquisition of the remaining stake in Tivio Capital from Banco BV, taking full control of the alternatives-focused asset manager as it accelerates its push into higher-margin investment products.
Tivio manages roughly R$30 billion in assets, giving Bradesco immediate scale in private markets at a time when banks are increasingly shifting toward fee-based businesses. The unit focuses on structured credit, real assets and other alternative strategies, expanding the bank’s offering beyond traditional equities and fixed income.
“Clients are demanding more sophisticated portfolios and greater diversification beyond traditional market risks,” Guilherme Leal, Bradesco’s vice president and chairman of Tivio, said in a statement. “By consolidating Tivio, we strengthen our ability to offer institutional-quality access to alternative investments.”
In August 2022, Bradesco acquired 51% of BV DTVM — the asset management platform that later became Tivio — under an agreement that included a call option to buy Banco BV’s remaining stake. The latest move executes that clause, turning a minority-led partnership into full ownership.
Tivio will continue to operate independently, maintaining its own governance and investment autonomy. The firm will keep targeting institutional and high-net-worth investors, distributing products both through Bradesco’s network and third-party platforms.
Rodrigo Freire was confirmed as chief executive officer after serving in an interim role. With more than two decades of experience in private investments, he is expected to lead the next phase of expansion.
The deal highlights a broader shift among Brazilian lenders, which are expanding into alternatives to offset pressure on lending spreads and capture higher-margin, recurring fee income.