Patrick O’Grady is leaving his post as chief executive officer for the asset management unit of XP Investimentos CCTVM SA, the company said.
The firm, which is partly owned by General Atlantic LLC, is moving its management unit from Rio de Janeiro to Sao Paulo and O’Grady, the managing partner, decided not to move with it for personal reasons, the company’s press office said in a e-mailed response to questions.
O’Grady, who had been at the helm of XP’s asset management unit since 2012, was a partner at Pollux Capital between 2006 and 2012, and a senior partner at Banco Pactual SA’s asset management division for 15 years, according to XP’s website.
The firm had hired Darrin C. Cummings from Santander Investment Securities Inc. in New York last September as the Brazilian broker dealer seeks to triple revenue from trading Latin American stocks for U.S. clients.
Reuters reported O’Grady’s departure earlier Tuesday.