XP Investimentos partner Daniel Lemos is leaving the firm, according to a report by Valor Económico.
The move reportedly came as a surprise, as Lemos, who is COO and head of products, was expected to lead the investment firm's new banking initiative, according to the report. XP Investimentos was granted a banking license by Brazil's central bank in December 2018.
Lemos reportedly was one of the 10 top associates at the firm. According to media reports, he was also part of founder and CEO Guilherme Benchimol's inner circle.
Two executives at the firm reportedly told Valor that Lemos had lost clout in the firm in recent months and had disagreements with other partners.
Rafael Quintas, a Lemos recruit who recently had assumed the role of chief asset manager, also left the company.
The two executives have ownership positions in XP Investimentos and will sell their stakes within a three-year period, Valor said.