The milestone was reached in September 2026, according to Neofeed. SulAmérica Investimentos has doubled its assets over four years. High interest rates and a conservative investment approach supported that expansion.
However, SulAmérica is now prioritising product mix over another asset target. Marcelo Mello, the company’s chief executive, wants to raise the average management fee by offering more sophisticated strategies. The average fee increased 17% between January and September 2025 and the same period in 2026.
Mello sees scope for a further 15% increase through diversification. That ambition sets the tone for the firm’s next phase.
A Larger Platform, with Room to Diversify
Fixed income and private credit still represent 90% of the portfolio. Fixed income accounts for 54%, while private credit represents 36%. Multi-market funds and equities make up the remaining 10%.
That concentration reflects Brazil’s elevated interest rates. It also creates a clear strategic opportunity if monetary conditions ease. Lower real yields could encourage institutional investors to accept greater market and duration risk.
SulAmérica has already begun building those capabilities. Its equity strategy, transferred from Athena Capital in October 2025, manages about R$700m. The former Athena founders now lead the strategy.
Meanwhile, the manager holds about R$5bn in infrastructure-linked products. It is preparing an actively managed infrastructure strategy, while also assessing higher-volatility macro funds. Mello favours hiring specialist teams rather than buying entire asset managers — an approach that limits integration risk and speeds up product development.
What Does the Strategy Mean for Investors?
The firm’s growth has combined market returns with fresh subscriptions. Net inflows have reached about R$16bn since 2024, excluding investment performance. Distribution has widened considerably: products once concentrated across XP and BTG now reach roughly 30 banks and investment platforms.
Institutional investors and the insurer’s technical reserves account for about 60% of the R$100bn. Distribution channels hold most of the balance.
The shift towards fee-based advice adds pressure to the business model. Under rebate arrangements, distributors receive part of product remuneration. Under fee-based advice, clients pay directly for advisory services. As a result, products must compete more on performance, risk management and portfolio fit.
The growth of exchange-traded funds adds another competitive test. Low-cost products can capture simple market exposures efficiently. Active managers must therefore justify higher charges through specialist access or differentiated risk management.
Scale Is Set — Now Comes the Hard Part
SulAmérica’s asset base offers real scale. Its next challenge is converting that scale into a more balanced and higher-value product mix. As one market analyst put it: SulAmérica’s next growth phase will depend more on product sophistication than asset accumulation.
For investors, the key signals to watch include the pace of equity fundraising, the infrastructure strategy launch and changes in average fees. Policymakers should also monitor whether lower rates redirect institutional capital beyond sovereign fixed income — a shift that could reshape Brazil’s broader asset-management sector, as BlackRock’s recent bullish call on Brazilian equities suggests appetite already exists.
Quick answers
SulAmérica Investimentos surpassed R$100bn in assets under management in September 2026, doubling its asset base over four years.
The firm’s chief executive Marcelo Mello is targeting a further 15% rise in average fees through greater product diversification — building on a 17% fee increase already recorded between early 2025 and 2026.
SulAmérica has attracted approximately R$16bn in net inflows since 2024, excluding investment performance gains, while expanding distribution to around 30 banks and investment platforms.
