Grupo Primo incorpora a Oikos e atinge R$ 34 bi sob custódia

Grupo Primo, under the leadership of finance influencer Thiago Nigro, has recently acquired Oikos, a multi-family office with a $8 billion asset base. The transaction involved a stock swap, with Oikos' shareholders becoming shareholders of Primo. Primo has been providing investment consulting services through a fee-based model since February 2023, after acquiring the Portfel brand.

Currently, around 44,000 of Primo's 44,000 clients have a relatively low investment, with the average ticket size around $860,000. Nigro stated that the acquisition complements the group's offerings by adding a 100% ultra-high net worth focused company. Oikos serves only 40 families with a minimum ticket of $100 million and an average ticket of $200 million.

According to Nigro, the group has the largest finance education ecosystem in Brazil, with over 40 million people reached monthly and connections daily with traditional families and successful entrepreneurs. However, Primo aims to better serve this private client profile by segmenting better and offering a more specialized proposal.

Primo has been seeking to enter the private segment and currently has about $2 billion of its $26 billion total client assets with more than $20 million in patrimony invested. Both Primo and Oikos sought to join forces, bringing their knowledge, expertise, and technology, while maintaining their independence and fee-based model.

Oikos was looking to lower its minimum ticket from $100 million to enter the segment from $20 million. Renato Mendes, one of Oikos' co-founders, said that the company saw an opportunity to combine "all our knowledge and expertise in serving large families with Primo's communication capacity, technology, and access." Nigro emphasized that the fee-based multi-custody model is the only way to avoid conflicts of interest.

Both companies share the same model, and Oikos wanted to ensure that they would not lose their independence. Both Primo and Oikos operate under the same fee-based multi-custody model, which Nigro believes is the only way to avoid conflicts of interest. Primo has XP as an investor, who invested in the company for the first time in 2020 and increased its participation at the end of 2024.

Nigro emphasizes that XP is a minor shareholder with no voting rights on the board and no right to veto. With today's acquisition, Primo reaches $34 billion in custodial assets and expects to close the year with $40 billion. The goal is to reach $100 billion by 2028, which may involve other M&A deals, although that is not Primo's main strategy.

The investment consulting already represents a significant portion of Primo's revenue, with half expected to come from investment consulting and the other half from education and social media.