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Group structure (Tables) | 12 Months Ended
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Dec. 31, 2019
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Summary of Direct and Indirect Interests of Company in Its Subsidiaries | The following are the direct and indirect interests of Company in its subsidiaries for the purposes of these consolidated financial statements:
|  |  |  |  |  |  |  | % of Group’s interest (i) |
Entity name |  | Country of incorporation |  |  | Principal activities |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Directly controlled |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
XP Investimentos S.A. |  |  | Brazil |  |  |  | Holding |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | 100.00 | %
Indirectly controlled |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A. |  |  | Brazil |  |  |  | Broker-dealer |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | 100.00 | %
XP Investments US, LLC |  |  | USA |  |  |  | Broker-dealer |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | 100.00 | %
XP Investments UK LLP |  |  | UK |  |  |  | Inter-dealer broker and Organized Trading Facility (OTF) |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | 99.90 | %
Sartus Capital LTD |  |  | UK |  |  |  | Investment advisor |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | 100.00 | %
XP Private (Europe) S.A. |  |  | UK |  |  |  | Investment advisor |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | 100.00 | %
\
XP Vida e Previdência S.A. (v) |  |  | Brazil |  |  |  | Private pension and insurance |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | — |
Banco XP S.A. (vi) |  |  | Brazil |  |  |  | Multipurpose bank |  |  |  | 100.00 | % |  |  | — |  |  |  | — |
Xperience Market Services LLC (vi) |  |  | USA |  |  |  | Non-operational |  |  |  | 100.00 | % |  |  | — |  |  |  | — |
Chamaleon Bravery Unipessoal LDA (vi) |  |  | Portugal |  |  |  | Investment Advisor (pending regulatory approval) |  |  |  | 100.00 | % |  |  | — |  |  |  | — |
XP Holding Investimentos S.A. |  |  | Brazil |  |  |  | Financial Holding |  |  |  | — |  |  |  | — |  |  |  | 100.00 | %
XP Controle 3 Participações S.A. |  |  | Brazil |  |  |  | Financial Holding |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | 100.00 | %
XPE Infomoney Educação Assessoria Empresarial e Participações Ltda. |  |  | Brazil |  |  |  | Digital Content services |  |  |  | 99.99 | % |  |  | 99.70 | % |  |  | 96.69 | %
Tecfinance Informática e Projetos de Sistemas Ltda. |  |  | Brazil |  |  |  | Rendering of IT services |  |  |  | 99.76 | % |  |  | 99.73 | % |  |  | 99.73 | %
XP Corretora de Seguros Ltda. |  |  | Brazil |  |  |  | Insurance Broker |  |  |  | 99.99 | % |  |  | 99.82 | % |  |  | 99.81 | %
XP Gestão de Recursos Ltda. |  |  | Brazil |  |  |  | Asset management |  |  |  | 93.70 | % |  |  | 92.80 | % |  |  | 91.65 | %
XP Finanças Assessoria Financeira Ltda. |  |  | Brazil |  |  |  | Investment consulting service |  |  |  | 99.99 | % |  |  | 99.99 | % |  |  | 99.95 | %
Infostocks Informações e Sistemas Ltda. |  |  | Brazil |  |  |  | Mediation of information systems |  |  |  | 99.99 | % |  |  | 99.99 | % |  |  | 99.99 | %
XP Advisory Gestão Recursos Ltda. |  |  | Brazil |  |  |  | Asset management |  |  |  | 99.57 | % |  |  | 99.52 | % |  |  | 99.52 | %
XDEX Intermediação Ltda. (iii) |  |  | Brazil |  |  |  | Intermediary and service agency |  |  |  | — |  |  |  | — |  |  |  | 99.99 | %
XP Holding International LLC (ii) |  |  | USA |  |  |  | International financial holding |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | 100.00 | %
XP Advisory US |  |  | USA |  |  |  | Investment advisor |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | 100.00 | %
XP Holding UK Ltd |  |  | UK |  |  |  | International financial holding |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | 100.00 | %
XP Vista Asset Management Ltda. (iv) |  |  | Brazil |  |  |  | Asset management |  |  |  | 99.42 | % |  |  | 99.60 | % |  |  | — |
XP Controle 4 Participações S.A. (v) |  |  | Brazil |  |  |  | Insurance holding |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | — |
Leadr Serviços Online Ltda. (vi) |  |  | Brazil |  |  |  | Social media |  |  |  | 99.99 | % |  |  | — |  |  |  | — |
Spiti Análise Ltda. (vi) |  |  | Brazil |  |  |  | Research (pending regulatory approval) |  |  |  | 99.99 | % |  |  | — |  |  |  | — |
Consolidated investments funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Falx Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior |  |  | Brazil |  |  |  | Investment fund |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | 100.00 | %
Gladius Fundo de Investimento Multimercado Investimento no Exterior |  |  | Brazil |  |  |  | Investment fund |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | 100.00 | %
Scorpio Debentures Incentivadas Fundo de Investimento Multimercado Crédito Privado |  |  | Brazil |  |  |  | Investment fund |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | 100.00 | %
Galea Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior |  | Brazil |  | Investment fund |  |  | 100.00 | % |  |  | 100.00 | % |  |  | 100.00 | %
Javelin Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior |  | Brazil |  | Investment fund |  |  | 100.00 | % |  |  | 100.00 | % |  |  | 100.00 | %
Spatha Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior |  | Brazil |  | Investment fund |  |  | 100.00 | % |  |  | 100.00 | % |  |  | — |
Frade Fundo de Investimento em Cotas de Fundos de Investimento em Direitos Creditórios NP |  | Brazil |  | Investment fund |  |  | 100.00 | % |  |  | 100.00 | % |  |  | — |
Frade III Fundo de Investimento em Cotas de Fundo de Investimento Multimercado Crédito Privado (vi) |  | Brazil |  | Investment fund |  |  | 100.00 | % |  |  | — |  |  |  | — |
Balista Debentures Incentivadas Fundo de Investimento Multimercado Crédito Privado (vi) |  | Brazil |  | Investment fund |  |  | 100.00 | % |  |  | — |  |  |  | — |
Coliseu Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior (vi) |  | Brazil |  | Investment fund |  |  | 100.00 | % |  |  | — |  |  |  | — |
XP Short Brasil Alavancado Fundo de Investimento Multimercado Investimento no Exterior (vii) |  | Brazil |  | Investment fund |  |  | — |  |  |  | — |  |  |  | 100.00 | %
XP Pacote Brasil Alavancado Fundo de Investimento Multimercado Investimento no Exterior (vii) |  | Brazil |  | Investment fund |  |  | — |  |  |  | — |  |  |  | 100.00 | %
(i) | The percentage of participation represents the Group’s interest in total capital and voting capital of its subsidiaries.
(ii) | Subsidiaries legally merged into their respective immediate parent, with no impact on the consolidated financial statements.
(iii) | Relates to subsidiary incorporated in 2017 sold to Company’s controlling shareholders in 2018 at its early stages.
(iv) | Subsidiary acquired in 2018. See further details in Note 5 (ii) below.
(v) | Subsidiaries incorporated in 2018 for operating in the private pension and life insurance business, which is regulated by the Superintendency of Private Insurance (SUSEP) in Brazil.
(vi) | New subsidiaries and investment funds incorporated in the year.
(vii) | Investment funds closed during the year.
Summary of the Net Assets Acquired, the Goodwill | Details of the net assets acquired, the goodwill and the purchase consideration are as follows:
|  | Fair value recognized on acquisition |
Assets |  |  |  |
Cash |  |  | 96 |
Financial instruments (FVPL) |  |  | 356,648 |
Financial instruments (FVOCI) |  |  | 20,212 |
Accounts receivable |  |  | 1,915 |
Other assets |  |  | 11,582 |
Deferred tax assets |  |  | 3,751 |
Property and equipment (Note 13 (a)) |  |  | 1,728 |
Intangible assets (Note 13 (b)) |  |  | 75,813 |
|  |  | 471,745 |
Liabilities |  |  |  |
Social and statutory obligations |  |  | (560 | )
Tax and social security obligations |  |  | (12,651 | )
Securities trading and intermediation |  |  | (322,371 | )
Provisions and continget liabilities (Note 25) |  |  | (7,921 | )
Other liabilities |  |  | (5,217 | )
|  |  | (348,720 | )
Total identifiable net assets at fair value |  |  | 123,025 |
Goodwill arising on acquisition (Note 13 (b)) |  |  | 281,702 |
Purchase consideration transferred |  |  | 404,727 |
Analysis of cash flows on acquisition |  |  |  |
Consideration paid in cash |  |  | 404,727 |
Net cash acquired with the subsidiary |  |  | (96 | )
Net of cash flow on acquisition (investing activities) |  |  | 404,631 |
Summary of Intangible Assets Acquired | For the purchase price allocation, the following intangible assets were identified. The valuation techniques used for measuring the fair value of separately identified intangible assets acquired were as follows:
Assets |  | Amount |  |  | Method |  | Expected amortization period |
Customer list |  |  | 50,077 |  |  | Multi-period excess earning method |  |  | 8 years |
Trademark |  |  | 19,304 |  |  | Relief from royalty |  |  | 10 years |
Technology |  |  | 2,028 |  |  | Relief from royalty |  |  | 3 years |

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