Brazil's XP to buy minority stake in asset manager Suno

Brazil's XP Inc. agreed to acquire a minority stake in investment research and asset management company Grupo Suno.

XP has not disclosed the size of the acquired stake nor the deal amount.

Suno started as a provider of free investment analytic reports in 2016. Last year, it launched independent asset management company Suno Asset. The company said it has 150,000 customers on its platforms.

The transaction includes Grupo Suno units Suno Research and Suno Asset as well as other financial content, data and analytic services. The deal's closing is subject to certain conditions.

Over the last two months, XP agreed to acquire real estate financial provider Direto and a minority stake in asset manager Vista Capital.