$2bn Brazil wealth shop lands in Miami with RIA launch

Brazilian alternatives specialist and investment advisory firm Galapagos Capital has launched a Miami-based RIA as it looks to expand its wealth management business and give clients access to offshore services, the group announced last week.

The group’s new unit Galapagos Advisory is led by partner Bruno Carvalho, who joined the firm in late 2019, and is located on Biscayne Boulevard.

Targeted at clients with assets of at least $250,000, Galapagos Advisory provides wealth management services and investment portfolios made up of liquid assets such as bonds, mutual funds, hedge funds, structured notes and ETFs.

The unit will also custody client assets with a number of different firms, including Charles Schawb, the group said.

‘In the future, the idea is to offer alternative investment vehicles, in the same way that we do in Brazil,’ Carvalho told Brazilian newspaper E Investidor.

The group’s Miami team will also include Galapagos Capital’s chief strategist and economist Jaime Valdivia as well as portfolio manager Philipe Savoia, who joined the firm this month from Andbank’s Miami-based brokerage business, according to his BrokerCheck report.

‘Structured credit, real estate assets and direct loans will become part of the portfolios abroad, which can be developed by Galapagos Capital itself or via partners,’ he added.

Based in Sao Paulo, Galapagos Capital has more than 11.7bn reais ($2.2bn) in client assets under management and runs wealth management and asset management business lines. It also manages a slew of proprietary funds invested across the real estate and agricultural sectors.