Vinci Partners Investments Ltd Announced Combination With Compass Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Tito Labarta - Goldman Sachs - Analyst : Hi, good morning, Alessandro and Bruno. And thank you for the call and taking my question. A couple of questions if I can start. Again, first, thanks for the chart and the additional color here on Compass, on the AUM for Compass. And Bruno, I think you mentioned there were some outflows, I guess related to the withdrawals -- the pension withdrawals in Chile. I guess that was in like 2022. And then you had a (technical difficulty) Hello, can you hear me?

Question: Tito Labarta - Goldman Sachs - Analyst : Okay. Sorry about that. Okay, so yeah, just to understand a little bit the jump that we saw from 2023 to 2024 at Compass. And if you can maybe -- how do you think -- just thinking about Compass on a standalone basis, how do you think about the growth in AUM at Compass just so we could think about Compass growth for the next couple of years. And my second question on the FRE margin, right. I mean you talked a little bit about some potential revenue synergies improving that. And can you quantify at all any cost synergies? How long would it take to realize both the cost and revenue synergies? And is there a sense of where you can get the FRE margins to -- over the next few years? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 25, 2024 / 1:00PM, VINP.OQ - Vinci Partners Investments Ltd Announced Combination With Compass Can you get back to the levels that Vinci has had or what's the right sort of FRE margin that we should think about as you execute on these synergies? Thank you.

Question: Tito Labarta - Goldman Sachs - Analyst : Okay, great. That's great. Thanks Alessandro. Thanks very much.

Question: Ricardo Buchpiguel - BTG Pactual - Analyst : Good morning, everyone, and thank you for the opportunity of making questions. I just wanted to understand that after the acquisition you had with Compass, how does the 2028 goal set that you guys set for the during the investor day changed. So naturally, I believe that there is a lot of moving parts, especially in terms of FRE margin, given the mix in Compass. But if you could comment, how do you see the BRL500 million to BRL600 million FRE guidance you set after this acquisition? And also looking beyond FRE, if you could also mention how Compass acquisition should impact other lines, such as financial results, tax rate and even the net cash position will also be helpful. Thank you.

Question: Ricardo Buchpiguel - BTG Pactual - Analyst : Very clear. And just a quick follow up, if you could mention what is the blended tax rate you are seeing for the group after the acquisition?

Question: Ricardo Buchpiguel - BTG Pactual - Analyst : Perfect. Thank you.

Question: Guilherme Grespan - J.P. Morgan - Analyst : Thank you everyone for the presentation. Two on our side. The first one is just related to Compass IP&S business. If you can share a little bit more light on what has been driving the strong growth. When we look in the last three quarters or even a year window, net inflows were super strong. So just want to understand what type of mandates, if it was Chilean pension funds, just a little bit more granularity behind this very strong growth. And the second question is just on one of the growth plans you guys mentioned, increase average fee by allocating into proprietary products. Just to get a sense on how easy it is to make that, because I tend to imagine it's not easy to shift the allocation as put. But if you believe it is effectively easy and how relevant can be to overall fees on the IP&S strategy. Thank you.

Question: Guilherme Grespan - J.P. Morgan - Analyst : That's clear. Thank you.