Itaú Unibanco, one of the largest private banks in Brazil, has reached an agreement to acquire 35% of the alternative fund manager Prisma Capital for an amount that has not been made public. Prisma Capital is a Brazilian firm created in 2017 that currently manages 28 billion reais (4.9 billion euros) in assets under management.
With this operation, Itaú seeks to consolidate and expand its presence in the structured funds segment, a niche that is gaining weight due to the increase in portfolios resulting from high interest rates and the interest of investors in alternative capital management formulas in light of recent changes in accounting regulations.
"As the complexity of our business increases, so does its appeal. We concluded that we needed capital and a long-term partner, and that is how we got in touch with Itaú," stated in an interview with "Bloomberg" the founding partner of Prisma Capital, Marcelo Hallack.
The executive specified that the funds raised will be used to strengthen Prisma Capital's investment capacity, as well as to promote the launch or acquisition of new platforms with high potential for asset generation.