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Group structure (Tables)

12 Months Ended

Dec. 31, 2019

Text Block [Abstract]

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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