Brazil's XP parts ways with top asset manager, sources say
SAO PAULO Nov 17 (Reuters) - Patrick O'Grady has left as chief executive officer of XP Gestão de Recursos, the asset management unit of Brazilian securities firm XP Investimentos, following disagreements over strategy, two sources with direct knowledge of the situation said on Tuesday.
The departure of O'Grady, who had been at the helm of XP Gestão since 2012, was announced in a Sunday night memo to employees by Guilherme Benchimol, CEO and founding partner of XP Investimentos. The memo, which one of the sources read to Reuters, said O'Grady left for personal reasons.
Yet the other source said XP Gestão failed to grow as fast as other units, as O'Grady focused on profitability rather than expansion. Currently, XP Gestão oversees 7.5 billion reais ($2 billion) in assets, according to the firm's website.
A committee comprised of Benchimol and three XP Gestão executives will oversee the firm until it finds a replacement for O'Grady, the memo said. The sources said that a new CEO for XP Gestão could be announced in a few weeks.
The executives are João Braga and Marcos Peixoto, partners who oversee equity investments at XP Gestão, and Fausto Filho, another partner with direct involvement in fixed-income investments at the unit, the sources said.
Before joining XP Gestão, O'Grady was a partner at Pollux Capital between 2006 and 2012, and a senior executive at Banco Pactual SA's asset management division for 15 years. Banco Pactual is the predecessor of what is now Grupo BTG Pactual SA , Latin America's No. 1 independent investment bank.
Two XP Investimentos spokeswomen did not immediately respond to an email and phone calls seeking to confirm O'Grady's departure.
($1 = 3.7684 Brazilian reais) (Reporting by Guillermo Parra-Bernal; Aditional reporting by Tatiana Bautzer in São Paulo; Editing by Lisa Von Ahn)
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