Magnetis, founded in 2015 by Luciano Tavares, leverages robo-advisor technology to determine asset allocation strategies for its high-net-worth clientele. Notably, Magnetis has attracted significant investments from prominent players like Swiss wealth manager Julius Baer, Brazilian venture capital firm Monashees, Redpoint Ventures, and Vostok Emerging Finance. As a result of the acquisition, all existing investors are selling their stakes in the company.
“This acquisition will give BTG Pactual access to a set of technology solutions and systems that have been developed for more than 10 years,” said Marcelo Flora, BTG Pactual’s head of digital platforms.
This isn’t BTG Pactual’s first foray into acquiring digital wealth managers. Over the past three years, the bank has made several strategic acquisitions, including Elite Investimentos, Universa Group, and broker-dealer Fator, among others.
The Latin American digital asset management sector is rapidly growing. BTG Pactual’s acquisition of Magnetis highlights its aim to lead in this evolving market.
Read more at Latin Finance