By Brazil Stock Guide – Brazil’s central bank ordered the extrajudicial liquidation of Trustee DTVM and Banvox DTVM on Thursday, citing “serious violations” of rules governing financial institutions, in the latest regulatory action involving firms connected to the broader Banco Master network.
The two São Paulo-based securities distributors belong to the S4 segment of Brazil’s prudential framework and are tiny by balance-sheet standards, accounting together for less than 0.001% of the financial system’s adjusted assets as of July. Their footprint in fund administration was considerably larger, however: together they represented 0.76% of third-party assets under administration, according to the central bank.
Trustee is owned by Maurício Quadrado, a former partner of Daniel Vorcaro at Banco Master. Quadrado was a shareholder of Master from 2020 to 2024 and led its investment-banking operations during part of that period. Trustee also provided services to Master and administered investment funds linked to the lender.
The liquidation comes just days after Brazil’s investment-industry association Anbima disclosed sanctions against Trustee. In one proceeding, Anbima identified recurring shortcomings in asset pricing and revaluation as well as weaknesses in liquidity-management controls. In another, it revoked Trustee’s adherence to its third-party asset-management code after finding deficiencies in provisions for doubtful receivables held by credit-rights funds, known in Brazil as FIDCs.
Trustee has also surfaced in investigations surrounding Master and other financial-market transactions. The firm was targeted in the Carbono Oculto investigation in 2025 over suspicions that it handled funds involving individuals linked by investigators to organized crime, and it later appeared in probes connected to Master and businessman Nelson Tanure. Quadrado has previously said through representatives that he has always operated within the law.
Banvox has also been linked to Quadrado’s business network. Previous reporting identified both Banvox and Trustee as companies controlled by the former Master partner, with executives connected to the two firms appearing in transactions scrutinized by investigators.
The central bank did not specify which transactions or conduct led to Thursday’s decision, and it did not link the liquidation directly to the Master investigations, Carbono Oculto or the Anbima proceedings. It said only that the institutions had committed serious violations of the legal framework governing their activities.
Under Brazilian law, the assets of the companies’ controllers and former executives are frozen following the liquidation. The central bank said its investigation will continue and may result in administrative sanctions or referrals to other authorities.
Who is Maurício Quadrado?
Quadrado is a veteran Brazilian investment banker whose career was built largely in capital markets. He spent part of his early career at Bradesco, where he rose to become head of capital markets and was involved in some of the most prominent equity transactions of the period.
According to his professional profile, Quadrado led Bradesco’s work on several major Brazilian IPOs and was the lead banker on Aracruz Papel e Celulose’s listing in New York through American depositary receipts, one of the pioneering international equity offerings by a Brazilian company. He also took part in several privatizations during the Fernando Henrique Cardoso administration, including Vale, where he says he was Bradesco’s main executive responsible for structuring the transaction and the bank’s subsequent investment in the mining company.
From 2007 to 2020, Quadrado was a shareholder and head of investment banking at Planner Corretora. During that period, his work increasingly focused on structured credit and capital-markets transactions, including FIDCs, debenture offerings and public fund distributions aimed at qualified investors — areas that would later become central to Brazil’s rapidly expanding private-credit market.
Quadrado subsequently became a partner of Daniel Vorcaro at Banco Master. After leaving the bank in 2024, he sought to build an independent financial platform around Trustee DTVM, Banvox and the BlueBank brand. That project later faced regulatory setbacks, including the central bank’s rejection of the proposed transfer of Letsbank to his control. The liquidation of Trustee and Banvox on Sept. 3 now represents the most significant blow yet to the financial group he sought to assemble after leaving Master.
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