June 25, 2020 / 8:57 PM / 20 days ago

Brazilian broker XP and shareholder Itau in investment dispute

SAO PAULO, June 25 (Reuters) - Brazilian broker XP Inc and its major shareholder, Itau Unibanco Holding SA engaged in a public spat on investments this week, trading accusations in an ad campaign and on webcasts on Thursday.

Itau released TV ads Wednesday pointing to conflicts of interest of independent investment advisers, which are the bulk of the workforce in XP. Although Itau is an XP shareholder, both institutions compete for investors. In a webcast Thursday, XP partner Gabriel Leal attacked Itau's investment division, saying it is not sustainable over the long term. "If Itau thinks their stake in XP makes no sense, they should rethink," Leal said. (Reporting by Aluisio Alves and Tatiana Bautzer; Editing by Leslie Adler)

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