Less than 0.001% of the assets of Brazil's financial system. That is the combined weight of Trustee and Banvox, two brokerages tied to a former partner of Banco Master that Brazil's Central Bank ordered shut on Thursday, September 3, through a process called extrajudicial liquidation. For the rest of the system, the effect is negligible: the central bank itself described the firms' footprint as very small, and said in a statement that the move answered to "serious violations of legal norms".
Both firms are based in São Paulo and linked to Maurício Quadrado, a former partner in Banco Master, a bank the central bank had already pushed into extrajudicial liquidation in November 2025, according to Folha. G1 reports that after Quadrado split with Daniel Vorcaro, the bank's controller, who was arrested in a probe into alleged fraud and still faces the cases, Quadrado took control of Trustee, which had provided services to the bank. Banvox, founded in 1984 and also tied to Quadrado, has focused since 2016 on administering and holding custody of its own funds.
In July, the two firms together accounted for less than R$1 of every R$100,000 in financial system assets, and for about R$0.76 of every R$100 in third-party funds under administration in the country, according to the central bank. It is the equivalent of a corner shop inside a giant mall. Per InfoMoney, the two houses are part of a conglomerate in segment S4, the tier of prudential regulation reserved for smaller groups.
How the measure works
Explainer: extrajudicial liquidation lets the Central Bank wind down a financial institution without a court order when it finds serious irregularities; a liquidator appointed by the authority takes over the firm, sells its assets and pays creditors in the order set by law. DTVM, the acronym in both firms' names, stands for "distribuidora de títulos e valores mobiliários", the formal term for a brokerage that trades investments for clients.
Who signed it and what comes next
The order was signed by Ailton de Aquino, the supervision director standing in as central bank president while Gabriel Galípolo travels to Basel, Switzerland, according to InfoMoney. The appointed liquidator is Marilena Simões Valentim. Assets of the firms' controllers and former executives have been frozen since Thursday, and the central bank said it will keep investigating, which may lead to administrative sanctions and referrals to other authorities.
The measure adds to investigations already under way. G1 reports that Banvox administered at least one fund named in Operação Carbono Oculto, a Federal Police inquiry into alleged money laundering and suspected ties to organized crime. An internal survey by the CVM, Brazil's securities regulator, revealed by O Globo columnist Malu Gaspar, counted 126 administrative proceedings against Banco Master, the asset manager Reag and Trustee as of February, the oldest opened in 2017.