FameEX Hot Topics | Itaú Asset, Brazil's Top Fund Manager, Launches Crypto Division

Itaú Asset Management, Brazil’s largest private asset manager, has launched a dedicated cryptocurrency division as part of its expanding digital asset strategy. The firm appointed João Marco Braga da Cunha, a former executive at Hashdex, to head the new unit. Cunha, who previously served as portfolio management director at Hashdex, brings experience from one of Brazil’s pioneering crypto ETF providers, signaling Itaú’s commitment to institutional-grade expertise in the sector.

The new division builds on Itaú Asset’s existing digital offerings, such as its Bitcoin exchange-traded fund (ETF) and a retirement fund that provides exposure to cryptocurrencies. Itaú Asset manages more than 1 trillion reais (approximately $185 billion) for its clients, underscoring its scale and capacity to expand into emerging markets. According to Cunha, crypto assets offer “unique characteristics for generating alpha,” with market volatility creating opportunities for innovative investment strategies.

This move aligns with Itaú Unibanco’s broader push into digital finance. Through its mobile app, the bank already offers trading in 10 cryptocurrency pairs, including Bitcoin, Ethereum, and USD Coin, with custody of assets managed internally. By integrating crypto services directly into its digital platform, Itaú seeks to meet growing retail and institutional demand for digital assets while maintaining in-house control over security and custody.

Itaú Asset stated that the new crypto division will design a wide range of products. These include lower-risk, fixed-income-style instruments as well as higher-volatility strategies such as derivatives and staking-based funds. The division will function within Itaú Asset’s mutual fund structure, which currently manages over 117 billion reais across 15 specialized investment desks.

Brazil continues to strengthen its position as a global leader in cryptocurrency adoption. Ranked 10th in Chainalysis’ “2024 Global Crypto Adoption Index,” the country has benefited from a supportive regulatory framework. Its first comprehensive crypto law, enacted in 2023, granted the central bank oversight of virtual asset service providers. Following the law’s implementation, Itaú Unibanco launched retail crypto trading in December 2023, further embedding digital assets into Brazil’s mainstream financial system.

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