Itaú Asset Management, Brazil’s largest private asset manager, has set up its first dedicated cryptocurrency unit as the firm steps up its push into digital assets, appointing former Hashdex executive João Marco Braga da Cunha to lead the new team.
The division will operate within Itaú Asset’s multidesk investment structure, which manages more than 117 billion reais ($21.6 billion) across 15 trading desks, local outlet Livecoins reported.
The crypto desk will sit alongside groups focused on equities, credit and systematic strategies, with a mandate to broaden Itaú’s lineup of blockchain-linked products.
Cunha, a veteran of Brazil’s financial sector, previously served as portfolio director at Hashdex, a Rio-based digital asset manager, and held roles in quantitative trading at Opus, private equity, market risk and macroeconomic research at state development bank BNDES, and asset management at Genial Gestão de Patrimônio.
Itaú has been gradually expanding into crypto markets in recent years. Since November 2022, the firm has offered a bitcoin exchange-traded fund (ETF), BITI11, which tracks the Bloomberg Galaxy Bitcoin Index, as well as a bitcoin index fund and a retirement plan with BTC exposure under its Itaú Flexprev brand.
These products collectively hold about 850 million reais ($152 million) in assets.
The bank has also moved to integrate digital assets more directly into its retail offering. In 2023, Itaú began enabling customers to buy and sell bitcoin and ether via its mobile app, with custody handled in-house.
Executives have also floated the possibility of launching a bank-issued stablecoin.
The new crypto division is expected to develop a pipeline of products spanning conservative, fixed-income-style instruments to higher-risk vehicles tied to derivatives, according to people familiar with the plans.
By building a specialized team, Itaú Asset said it aims to “deliver innovative and customized solutions” to clients as demand for crypto exposure widens among Brazilian investors.
The initiative underscores the bank’s ambition to become a leading player in the region’s growing digital asset market.