XP, Brazil’s biggest retail broker, has been adding 50,000 accounts a month, luring clients like Feldberg away from Brazil’s five big banks and changing the way the country’s middle class saves and invests. With an open-architecture strategy modeled on U.S. financial supermarket Charles Schwab Corp., XP offers stocks, bonds, and funds as well as products previously available only to the very rich, including hedge funds and derivatives. Brazil’s banks, which offered only their own products, have been forced to adapt. Itaú Unibanco Holding SA, the country’s biggest bank by market value, certainly took notice—especially after clients like Feldberg started moving their money out of it. In 2017 it agreed to shell out 5.7 billion reais ($1.8 billion) for a 49.9 percent stake in XP.

https://www.bloomberg.com/news/articles/2019-02-06/guilherme-benchimol-s-xp-is-changing-how-brazil-invests