Brazil’s EQI to open US office in first international move

By Paula Arend Laier

SAO PAULO, Feb 26 (Reuters) – Brazil’s EQI said on Monday will open an office in the United States next week, the investment advisory firm’s first expansion abroad as seeks to broaden its products and diversify revenue.

Founded in 2008 in Santa Catarina state, EQI has 27 billion reais ($5.42 billion) in assets under custody for more than 67,000 active clients across seven Brazilian states. Last year, it obtained a license to operate as a brokerage in Brazil.

EQI’s new branch in Miami will initially serve Brazilians. However, EQI CEO Juliano Custodio said it plans to expand the service to other Latin Americans living there and U.S. citizens.

In Brazil, EQI clients already have access to the U.S. market through partnerships with BTG Pactual, which owns a minority stake in EQI, and broker Avenue Securities. Total funds allocated in the U.S. amount to 1.7 billion reais.

“We’d like to double our assets (in the U.S.) … But we think it’s quite plausible to get another one billion reais,” Custodio said, adding that EQI plans include eventually entering other markets, such as Europe via Portugal.

Custodio said that the focus at the moment was on the United States, which EQI entered through the acquisition of an RIA (Registered Investment Advisor).

The value of the deal was not disclosed. ($1 = 4.9837 reais) (Reporting by Paula Arend Laier; Writing by Peter Frontini; Editing by Alexander Smith)

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