Bahia Asset Management
Bahia Asset Management is an independent Brazilian asset manager managing approximately R$3.7 billion across macro, long/short, equity, fixed income, and pension investment funds. The firm serves retail, qualified, and institutional investors in Brazil, distributing exclusively through major banks and digital platforms.
- Company typePrivate
- Founded1980
- HeadquartersRio De Janeiro, Brazil
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
What Bahia Asset Management does
Bahia Asset Management is an independent Brazilian asset manager headquartered in Rio de Janeiro, with origins tracing to 1980 through its first investment fund and independent operating status since 2011 (rebranded from BBM Investimentos). The firm manages approximately R$3.7 billion (~$703M USD) in assets under management across a diversified product suite spanning macro multimarket funds (Mutá, Maraú, Bahia), long/short strategies (Una Equity Hedge, Long Biased), equity funds (Valuation), fixed income (Referenciado DI), and pension products distributed via major insurance platforms. Operations are restricted to Brazil, with explicit exclusion of US persons per regulatory restrictions.
The investment process is built on a top-down macroeconomic analysis methodology combining scenario generation, fundamental bottom-up idea generation, and portfolio construction with risk-return optimization. The firm employs approximately 60 professionals across investment research, portfolio management, risk, IT, fund control, legal/compliance, and operations, including PhD-level economists and managers recruited from peer Brazilian asset managers such as Mauá Capital, SPX Capital, Kondor Investimentos, and Itaú Asset. A Data and Commodities Analyst role supports macro research.
Revenue is generated primarily through recurring management fees ranging 0.20%-2.0% annually depending on strategy, plus performance fees of typically 20% of returns exceeding benchmarks such as CDI, Ibovespa, or IPCA+6%. Distribution is channel-led, reaching retail, qualified, and institutional investors in Brazil exclusively via major banks (Itaú, Banco do Brasil, Bradesco, Santander, BTG Pactual, Safra), digital platforms (XP, Warren, Genial, Toro, Inter, PicPay), traditional brokerages, and insurance partners (XP Seguros, Itaú Vida, Brasilprev) for pension products. Fund administration is provided by Bradesco (BEM DTVM) and Intrag.
Bahia Asset Management firmographics
Firmographics- Name
- Bahia Asset Management
- Legal name
- Bahia Asset Management
- Website
- https://bahiaasset.com.br
- Company type
- Private
- Founded year
- 1980
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Bahia Asset Management is an independent Brazilian asset manager managing approximately R$3.7 billion across macro, long/short, equity, fixed income, and pension investment funds. The firm serves retail, qualified, and institutional investors in Brazil, distributing exclusively through major banks and digital platforms.
- Ownership category
- akta.pro rank
Bahia Asset Management industry classification
Industry- Product category
- Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), Open-End Investment Funds (52591)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC)
- akta.pro secondary industries
- Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns) (FSAAAJAJ), Institutional Separate Accounts & SMAs (Mandates) (FSAAAGAL), Registered Investment Advisor (RIA) Wealth Management (FSAEABAA)
Keywords
Where Bahia Asset Management is headquartered
LocationHeadquarters
- HQ city
- Rio De Janeiro
- HQ country
- Brazil
- HQ region
- Latin America
Offices1 record
Markets served
Bahia Asset Management business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Investment Fund Management Fees: Bahia Asset generates revenue through management fees charged on investment funds under management. Fee structures include: fixed administration fees (ranging from 0.20% to 2.0% per annum depending on the fund) and performance fees (typically 20% of returns exceeding a benchmark such as CDI, Ibovespa, or IPCA+6%).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Mutá - Multimercado Macro (Qualified Investors) |
| Subscription | Annual | Maraú - Multimercado Macro (General Investors) |
| Subscription | Annual | Bahia - Multimercado Macro (General Investors) |
| Subscription | Annual | Una EH - Long and Short Neutro (Qualified Investors) |
| Subscription | Annual | Long Biased - Multimercado (General Investors) |
| Subscription | Annual | Valuation - Ações (General Investors) |
| Subscription | Annual | Referenciado DI - Renda Fixa (General Investors) |
| Subscription | Annual | Prev RF Ativo XP - Previdência (General Investors) |
| Subscription | Annual | Prev RF Ativo Itaú - Previdência (General Investors) |
| Subscription | Annual | Prev Guará Multimercado BB - Previdência (General Investors) |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels4 records
Bahia Asset Management product offering
Product offeringCore offering
Bahia Asset Management is an independent Brazilian asset management firm that manages and distributes a diversified suite of investment funds across multiple asset classes and strategies. The product lineup includes macro multimercado funds (Mutá, Maraú, Bahia), long and short equity strategies (Una Equity Hedge, Long Biased), an equity fund (Valuation), fixed income fund (Referenciado DI), and pension/previdência products distributed through major insurance platforms. The firm manages approximately R$ 3.7 billion in assets under management using a proprietary top-down macroeconomic research and scenario generation methodology.
Product overview
Bahia Asset Management is an independent Brazilian asset manager offering a diversified portfolio of investment funds across multiple asset classes and strategies. The product lineup includes: Macro multimarket funds (Mutá, Maraú, Bahia) with global reach across interest rates, currencies, equities and commodities; Long and Short strategies (Una Equity Hedge, Long Biased) for equity market exposure with controlled net exposure; Equity funds (Valuation) targeting Ibovespa outperformance; Fixed income funds (Referenciado DI); and Pension/Previdência products distributed through major insurance platforms (XP, Itaú, Brasilprev). The firm manages approximately R$ 3.7 billion in assets under management across 60 collaborators, with a 40+ year history in the Brazilian market.
Differentiator
Problem solved
Functional benefit
Brands
- Mutá: Macro multimarket fund with global reach, seeking long-term appreciation with diversified portfolio across interest rates, currencies, equities, and commodities.
- Maraú
- Bahia
- Una
- Long Biased
- Valuation
- Bahia Prev RF Ativo
Products and services
- Mutá (Bahia AM Mutá FIF Mult RL) Multimercado macro fund with global reach seeking long-term appreciation through diversified portfolio in interest rates, currencies, equities and commodities markets. Most volatile macro fund with D+60 liquidity. Available to qualified investors.
- Maraú (Bahia AM Maraú FIF Multimercado) Multimercado macro fund with over 10 years of history. Global macro fund seeking long-term appreciation through diversified portfolio across interest rates, currencies, equities and commodities. D+30 liquidity. Available to general investors.
- Bahia (Bahia AM Bahia FIF Multimercado) Macro multimarket fund with global reach and the lowest volatility among Bahia's macro funds. D+20 liquidity. Available to general investors.
- Una Equity Hedge (Bahia AM Una EH FIF CI Mult RL) Long and Short Neutro multimarket fund seeking to outperform CDI over the long term through a diversified portfolio in the equity market with net financial exposure limited to 5%. Also invests in fixed income assets and currencies. Available to qualified investors.
- Long Biased (Bahia AM Long Biased FIF Multimercado) Multimarket fund seeking absolute return through diversified equity portfolio including short positions, also investing in fixed income and currencies. Available to general investors.
- Valuation (Bahia AM Valuation FIA) Equity fund seeking to outperform Ibovespa through diversified portfolio of stocks with high and medium liquidity based on fundamental analysis. Suitable for institutional investors (EFPC and RPPS) and general investors.
- Referenciado DI (Bahia AM Referenciado DI FIF RF) Fixed income fund tracking CDI variation primarily through government securities and derivatives. Available to general investors with a 0.20% administration fee.
- Prev Renda Fixa Ativo XP (Bahia AM Prev FIFE Ativo FIF RF LP RL) Fixed income pension fund with low volatility investing in global and local macroeconomic themes. Distributed as PGBL/VGBL products through XP Seguros. Available to general investors.
- Prev Renda Fixa Ativo Itaú (Bahia AM A Prev Ativo FIF CIC RF LP RL) Fixed income pension fund with medium volatility investing in global and local macroeconomic themes. Distributed as PGBL/VGBL products through Itaú Vida. Available to general investors.
- Multimercado Via BB (Bahia AM Prev Guará FIFE FIF Multimercado RL) Multimercado pension fund with global reach seeking long-term appreciation through diversified portfolio in interest rates, currencies, equities and commodities. Distributed as PGBL/VGBL products through Brasilprev. Available to general investors.
Quantifiable outcome
- Bahia AM Mutá delivered 187.41% return since inception (31/05/2017) vs 159% CDI benchmark, with 10.21% return in last 12 months
- +2 more outcomes
Companies that use Bahia Asset Management
Customer profileSegments4 records
Ideal customer profiles4 records
Bahia Asset Management technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Bahia Asset Management partnerships and signals
Strategic signalPartnerships
27 partnerships are on record, tiered minor and core.
- AndbankminorDistribution partner for Bahia Asset funds through Andbank's private banking platform.
- Ágora InvestimentosminorDistribution partner for Bahia Asset funds through Ágora Investimentos brokerage.
- Ativa InvestimentosminorDistribution partner for Bahia Asset funds through Ativa Investimentos.
- Banco do BrasilcoreMajor distribution partner through which Bahia Asset offers pension funds (Brasilprev multimercado) and other investment products.
- Bocom BBMminorDistribution partner through Bocom BBM wealth management division.
- BTG PactualcoreDistribution partner for Bahia Asset funds through BTG Pactual digital platform.
- BradescocoreFund administrator (BEM DTVM Ltda.) for most Bahia Asset funds. Provides fund administration services including custody, NAV calculation, and regulatory reporting.
- C6 BankminorDistribution partner for Bahia Asset funds through C6 Bank digital platform.
- DaycovalminorDistribution partner for Bahia Asset funds through Daycoval bank.
- Genial InvestimentosminorDistribution partner for Bahia Asset funds through Genial Investimentos platform.
- InterminorDistribution partner for Bahia Asset funds through Inter digital bank.
- Itaú (including Ion and Personnalité)coreMajor distribution partner for Bahia Asset pension funds (Itaú Vida) and investment products through multiple Itaú channels including Ion digital platform and Personnalité private banking.
- Itaú Vida (Previdência)coreInsurance company partner for distribution of Bahia Asset pension fund (Prev RF Ativo Itaú) as PGBL/VGBL products.
- Mirae AssetminorDistribution partner for Bahia Asset funds through Mirae Asset brokerage.
- PicPayminorDistribution partner for Bahia Asset funds through PicPay digital platform.
- RB InvestimentosminorDistribution partner for Bahia Asset funds through RB Investimentos.
- SaframinorDistribution partner for Bahia Asset Maraú fund through Safra bank.
- Santander Asset ManagementminorDistribution partner for Bahia Asset funds through Santander asset management platform.
- SicrediminorDistribution partner for Bahia Asset funds through Sicredi cooperative banking network.
- Sofisa DiretominorDistribution partner for Bahia Asset funds through Sofisa Direto.
- Terra InvestimentosminorDistribution partner for Bahia Asset funds through Terra Investimentos.
- Toro InvestimentosminorDistribution partner for Bahia Asset funds through Toro Investimentos platform.
- UnifinanceminorDistribution partner for Bahia Asset funds through Unifinance.
- WarrenminorDistribution partner for Bahia Asset funds through Warren digital investment platform.
- XP (including XP Seguros)coreMajor distribution partner for Bahia Asset pension funds (XP Seguros for PGBL/VGBL) and investment products through XP platform.
- BrasilprevcoreInsurance company partner for distribution of Bahia Asset multimercado pension fund (Prev Guará) as PGBL/VGBL products.
- Intrag DistribuidoracoreFund administrator for Bahia Asset pension funds (prev RF Ativo XP, prev RF Ativo Itaú, multimercado via BB). Provides administration services including NAV calculation and regulatory compliance.
Scale indicators3 records
Recent moves11 records
Expansion highlights5 records
Bahia Asset Management competitors and assessment
Company assessmentBroad incumbents
- Itaú Asset Management: Asset management division of Itaú Unibanco, Brazil's largest private bank. A core distribution channel for Bahia's pension funds and a key competitor across multimercado, fixed income, and equity products.
- Vinci Partners: Brazilian alternative asset manager with listed shares (VINP) managing credit, equities, infrastructure, and private markets. Relevant as a scaled Brazilian-listed alternative peer for valuation benchmarking and comparable client base.
- BTG Pactual Asset Management: Asset management arm of BTG Pactual, one of Brazil's largest financial groups. Overlaps with Bahia via multimodal strategies and is a core distribution partner; much larger in AUM and product breadth.
Direct peers
- Verde Asset Management: Brazilian independent macro/multimercado asset manager founded in 2005. Most direct peer to Bahia due to overlapping Brazilian macro/multi-strategy mandate, similar distribution through XP and other platforms, and comparable AUM scale (mid-boutique).
- Genoa Capital: Brazilian macro and structured-credit focused asset manager. Direct competitor to Bahia given similar Brazilian macro mandate, multimercado strategy offering, and distribution through XP, BTG and other retail banks.
- Kinea Investimentos: One of Brazil's largest independent asset managers, owned by Itaú, with deep multimercado, fixed income, equities and private credit strategies. Highly comparable as a Brazilian-focused independent with overlapping product set, though much larger in AUM.
- Ibiuna Investimentos: Brazilian multi-strategy macro manager with multimercado and equity hedge strategies. Direct peer to Bahia given shared macro/multi-strategy approach, Brazilian institutional/qualified investor base, and similar distribution pattern.
- Capitânia Investimentos: Brazilian asset manager offering structured credit, equity hedge, fixed income and multimercado funds. Comparable to Bahia through shared Brazilian focus, hedge/multimercado product family, and distribution through major Brazilian platforms.
- SPX Capital: Brazilian-based multi-strategy manager specializing in macro equities, FX, and volatility. Comparable to Bahia through shared multi-asset macro approach and prior-employer overlap with Bahia team members (Bernardo Saraiva).
Emerging players
- Vinland Capital: Brazilian independent manager focused on macro and equity strategies. Comparable to Bahia through Brazilian macro orientation and product overlap (multimercado, equities), though typically smaller AUM and earlier stage.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Bahia Asset Management financial estimates
Financial estimateRevenue estimate
Valuation estimate
Bahia Asset Management leadership team
Management profileNumber of profiles
Profiles6 records
Bahia Asset Management subsidiaries and ownership
Company hierarchySubsidiaries2 records
Bahia Asset Management funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Bahia Asset Management M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Bahia Asset Management
What does Bahia Asset Management do?
Bahia Asset Management is an independent Brazilian asset management firm that manages and distributes a diversified suite of investment funds across multiple asset classes and strategies. The product lineup includes macro multimercado funds (Mutá, Maraú, Bahia), long and short equity strategies (Una Equity Hedge, Long Biased), an equity fund (Valuation), fixed income fund (Referenciado DI), and pension/previdência products distributed through major insurance platforms. The firm manages approximately R$ 3.7 billion in assets under management using a proprietary top-down macroeconomic research and scenario generation methodology.
Is Bahia Asset Management a public or private company?
Bahia Asset Management is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Bahia Asset Management founded?
Bahia Asset Management was founded in 1980. It employs 51 to 100 people.
Where is Bahia Asset Management based?
Bahia Asset Management is headquartered in Rio De Janeiro, Brazil, in the Latin America region.
How does Bahia Asset Management make money?
One revenue line is on record: investment Fund Management Fees.
Who are Bahia Asset Management's main competitors?
Broad incumbents on record are Itaú Asset Management, Vinci Partners and BTG Pactual Asset Management. Direct peers are Verde Asset Management, Genoa Capital, Kinea Investimentos, Ibiuna Investimentos, Capitânia Investimentos and SPX Capital. Vinland Capital is listed as an emerging player.
Does Bahia Asset Management have an API?
No public API is recorded for Bahia Asset Management.
What industry is Bahia Asset Management in?
Bahia Asset Management's product category is Asset Management. Its primary akta.pro industry code is FSAAACAC, Portfolio Management–Led RIAs (Discretionary/Model-Based), with a secondary code of FSAAAJAJ, Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns). Its NAICS code is 523940 and its SIC code is 6282.