XP Securities, the largest independent investment broker in Brazil, is opening an office at 701 Brickell Avenue in downtown Miami, becoming the latest high-profile firm to establish a foothold in Miami since the Miami Downtown Development Authority began a campaign to lure hedge funds and other financial companies to the city.
XP Securities’ Miami office will include 15 employees who have relocated from New York and it expects to create 30 new Miami jobs by the end of the year, with 100 full-time employees on staff by mid-2015. The Sao Paolo, Brazil-based firm serves more than 80,000 clients and 1,500 advisors through a network of 450 retail offices located in 180 cities throughout Brazil.
XP Securities said it chose Miami for its second U.S. office because of the city’s proximity to Latin America and its high concentration of Brazilian companies, residents and tourists, as well as the area’s lifestyle and tax benefits. Brazil is Florida’s top trading partner and second largest source of international visitors, behind only Canada.
The move follows news by Universa Investments, which moved its headquarters from Santa Monica, California to Miami on March 1.