BTG Pactual

BTG Pactual is a Brazilian financial company that operates in the markets of investment banking, wealth management, asset management, corporate lending and sales and trading.[3] It offers advisory services in mergers and acquisitions, wealth planning, loans and financings, as well as investment solutions and market analyses. It is the sixth largest banking institution in Brazil, the eleventh largest in Latin America,[4] and the largest investment bank in Latin America and the Caribbean.[5]

Banco BTG Pactual S.A.
TypeSociedade Anônima
B3: BBTG11
Euronext: BTGP
IndustryFinancial services
Founded1983 in Rio de Janeiro
by André Jacurski, Luiz Cezar Fernandes and Paulo Guedes[1]
HeadquartersSão Paulo, Brazil
Area served
Worldwide
Key people
André Esteves (Chairman), Roberto Sallouti (CEO), Nelson Jobim (Partner), Guilherme Paes (Partner), Steve Jacobs (Partner), Eduardo Guardia
ServicesInvestment banking
Asset management
Wealth management
Corporate lending
Sales and trading
RevenueIncrease US$ 1.8 billion (2020)
Increase US$ 0.8 billion (2020)
AUMIncrease US$ 22 billion (2023 Jun 23)[2]
Total assetsIncrease US$ 72.6 billion (2020)
Number of employees
3,515 (2020)
Websitewww.btgpactual.com

With headquarters in Rio de Janeiro and São Paulo, the bank began as a brokerage firm in 1983 in Rio de Janeiro. With assets of US$72.6 bn and shares traded on the B3 and NYSE Euronext, BTG Pactual has offices in Latin American cities and world financial centers.[6]

BTG Pactual is controlled by André Esteves, Roberto Sallouti, Nelson Jobim, John Huw Gwili Jenkins, Cláudio Eugênio Stiller Galeazzi, Mark Clifford Maletz, Eduardo Henrique de Mello Motta Loyo and Guilhermo Ortiz Martínez.[7] On April 29, 2022, BTG shareholders confirmed the return of André Esteves as chairman.[8] In 2018, Esteves was acquitted by Federal Justice, and his case is already considered a judicial error.[9][10][11]

History

BTG Pactual began in 1983 in Rio de Janeiro as the brokerage firm Pactual DTVM,[12] when its initial and primary activity was proprietary trading and securities sales and trading. In 1986, the asset management and investment bank areas were created. In 1989, the bank opened its São Paulo's office and started the internationalization of operations. Eleven years after the foundation, the bank started the wealth management activities.

In 1998, the company replaced its executive officers with a team led by André Esteves, Eduardo Plass, Marcelo Serfaty and Gilberto Sayão, and acquired Banco Bamerindus.[13] In 2000, the bank opened Pactual Asset Management S.A. DTVM and an office in Cayman Islands.[14] In 2003, the expansion continued with offices in Belo Horizonte and Recife.

In 2006, the UBS bought Banco Pactual for US$2.5 billion[15][16] and created UBS Pactual, André Esteves became CEO of all UBS' Latin American operations. Two years later, Esteves left the bank to found BTG Investments with nine other founding partners of UBS and UBS Pactual, including Pérsio Arida, a former president of the Brazilian Central Bank. In 2009, BTG bought out UBS shareholders and created Banco BTG Pactual.[17] The following year the bank issued US$1.8bn in capital, representing 18.65%, to a group of international investors and partners. In 2011, they acquired 51.00% of Banco PanAmericano shares. In 2012, BTG Pactual bought brokerages in Chile and Colombia, Celfin Capital and Bolsa y Renta, and held an initial public offering (IPO) raising R$3.65 billion, making it one of the 20 biggest companies listed on the B3.[18]

In 2013, the bank, through its subsidiary BTG Pactual Timberland Investments Group LLC, acquired forest asset management contracts from Regions Timberland Group, a division of Regions Bank, the acquisition expanding its investment in forest assets. The deal established BTG Pactual as the biggest independent forest asset manager in Latin America and one of the biggest in the world, with assets of US$3bn and a portfolio of 716,000 hectares of land in North America, Latin America, Europe and Africa. In 2014, it made two acquisitions in Europe: British reinsurer Ariel Re[19] bought for an undisclosed amount, and also Swiss bank BSI,[20] for US$1.7 billion.[21]

In 2017, BTG Pactual bought shares of companies such Anheuser-Busch InBev, Fibria Celulose, Gerdau, Staples and Telefónica Brasil.[22]

Structure

BTG Pactual was formed by Banco BTG Pactual and BTG Pactual Participations.[23] The latter is the managing partner and controller of BTG Investments. Banco BTG Pactual is the main operating company of the group.

Business lines

Investment banking

BTG Pactual helps companies,[24] financial institutions and governments to obtain funding by issuing securities, and through structured and guaranteed loans. It also provides services in M&A, IPOs, FX operations, as well as trading in derivatives and commodities. The bank works in cross border transactions, involving counterparties from all continents and most of the IPOs and secondary offers made in the Brazilian market.[25]

Corporate lending

It lends funds to businesses.[26] The bank has been growing in this market since the capitalizations in 2009 and 2012.[27]

Sales and trading

Products: market making, brokerage and settlement, transactions with derivatives, interest rates, exchange, equities, energy, insurance and reinsurance.[28] These activities are divided into segments such as FICC (Fixed Income, Currencies and Commodities), Equities Sales & Trading and Energy.[29]

Asset management

It offers investment solutions in fixed income, variable income, hedge funds, infrastructure and real estate opportunities, and public and private equity funds.[30] Also in the global hedge fund management market through BTG's flagship, the GEMM Fund,[31] which manages $22 billion around the world and is among the 20 most profitable funds in the world.[32]

Wealth management

BTG Pactual offers financial advisory services to families that need to protect and expand their wealth, as well as succession and real estate planning.[33][34]

Timberland investment

BTG's timberland investment group (TIG) is responsible for agribusiness and timberland management, including tree farms and natural forests.[35] It is one of the largest forest asset managers in the world, with investments in the US, Latin America, Europe and Africa.[36]

Participations

The bank invests its capital in two segments: private equity and principal investments.[37] Private equity activities refer to the management of investments made in shares of private or publicly traded companies whose share cannot be freely traded on stock exchanges, and the capital is financed by other qualified investors and by the bank itself. The principal investments division is dedicated to the activities of owning investment in financial instruments and real estate worldwide.[38]

BTG Pactual Digital

The bank's online investment platform launched in 2014.[39][40] Its retail clients have access to investment funds, fixed income products (CDB, LCA, LCI and LF), private pension (PGBL and VGBL) and COE - Certificate of Structured Operation, aimed at high-income retail in Brazil.[41][42]

Startup

BTG Pactual created a startup support program, a venture debt area specific to offer credit to startups, and started a fund to invest in global venture capital firms.[43] The boostLAB is Banco BTG Pactual's program for connecting and leveraging startups at an advanced level.[44] The partners and executives of BTG Pactual participate in the program as mentors, as well as a number of entrepreneurs, including from Silicon Valley.[45][46][47]

In August 2020, boostLab held the sixth edition of its startup potentiation program at the advanced level, selecting eight startups: Acordo Certo, Atta, Belvo, Conta Simples, iClubs, Ludos Pró (edtech), Provi and Rede Compras.[48][49]

Awards
  • Best Private Bank in Latin America by PWM, 2020;[50]
  • Best Private Bank in Colombia by PWM, 2020;[50]
  • Best Private Bank in Latin America by Global Finance, 2020;[51]
  • Best Private Bank in Colombia by Global Finance, 2020;[52]
  • Best Private Bank for Digital advisory services Latin America by PWM, 2019 and 2020.[53]
  • Best CEO – First Place – Nominated by the Buy Side and Sell Side 2019 by Institutional Investor.[54][55]
  • The best of Dinheiro, category Specialized Banking Brazil, 2019.[56]
  • Best Private Bank in Latin America by Global Finance, 2019.[57]
  • Best Private Banking in Chile by Global Finance, 2019.[57]
  • Best Bank to Invest – Digital Category by FGV and Fractal Consult, 2018 and 2019.[58]
  • Pension Guide Valor Econômico/Fundação Getulio Vargas - Nominated by Featured Multimarkets Asset Manager, 2019.[59]
  • Best Investment Bank by Euromoney (Awards for Excellence), 2019.[60]
  • The World’s Best Investment Bank in the Emerging Markets by Euromoney (Awards for Excellence), 2019.[61]
  • Best Investment Bank (in Brazil, Chile and Colombia) by World Finance, 2019.[62]
  • Best Private Bak (in Brazil) by World Finance, 2019.[62]
  • Investment Bank of the Year Brazil, Investment Bank of the Year Latam and Wealth Management Bank of the Year by LatinFinance, 2019;[63]
  • ECM Leader (Latin America and Brazil) by Dealogic, 2019.[64]
  • Best Financial Innovation Centers in the World for BoostLab by Global Finance, 2019.[65]
  • Highly Commended at Best Private Bank in Brazil category by the Global Private Banking Awards 2016[66]
  • Best Private Bank in Colombia by the Global Private Banking Awards 2016[67]
  • Best Private Bank in Colombia by the Global Private Banking Awards 2017[68]
  • Best Equities Sales bank in Brazil at the 2017 Institutional Investor ranking[69]
  • Elect Best Global Macro Fund by the 2018 Investors Choice Awards[70]
  • Elect the Best Investment bank in Brazil, Chile and Colombia by the 2018 World Finance Banking Awards[71]

Controversies

Insider trading

This case was closed and there was no impact to the public offering. In 2012, penalties for André Esteves' insider trading "force[d] the bank to amend its prospectus, give investors the option to reconsidering bids for BTG shares, and put a cloud over one of this year's highest-profile bank deals."[72] In "a statement, BTG Pactual said Esteves believed the allegations had no merit and was determined to appeal the decision."[73] However, Esteves did not appeal, citing cost and a loss of time as his reasons.[74]

Pactual sale to UBS and resale to BTG

Arthur Rutishauser argued that the way 27% of BTG was acquired is an example of an insider case: André Esteves sold the bank in 2006 for 3 billion SFr to UBS, where Huw Jenkins was a key decision maker.[75] Esteves later repurchased Pactual back in 2009 for 2.5 billion SFr after being allowed to leave UBS to set up BTG.[75] Jenkins was ejected from UBS in 2007 and disappeared then resurfaced as a senior partner and board member at BTG Pactual in 2010.[76]

BTG Pactual purchase of BSI

In July 2014, BTG Pactual purchased Banca della Svizzera Italiana (BSI), with this being subject to the approval by the Swiss Financial Market Supervisory Authority (FINMA). The CEO of FINMA, Mark Branson, was previously the CEO of UBS Securities Japan Ltd.[77] and reported directly to Huw Jenkins, CEO of UBS Investment Bank who is now a partner of BTG Pactual.[78][79] Under Mark Branson, FINMA decided whether to approve BTG Pactual's purchase of BSI, although BTG Pactual was owned and operated by former superiors and colleagues Jenkins and Esteves, it clearly does not implicate any illegal activity whatsoever.[79]

Misrepresentation allegation

The case was closed, a final settlement has been reached. An ex-employee of Hong Kong subsidiary BTG Pactual Asia Ltd, Zeljko Ivic, filed a claim alleging Banco BTG Pactual board member Huw Jenkins made fraudulent misrepresentations to Zeljko Ivic to induce him to sign agreements with the bank.[80][81] Ivic said he had played a key role in Banco BTG Pactual's initial public offering (IPO) for which Jenkins had promised him a partnership and shares.[82][83] Ivic, who valued his claim at some US$20 million, started proceedings after being dismissed in October 2013.[84][85] In March 2017, the parties involved reached a final settlement.

References
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  35. Reuters Editorial. "BTG Pactual timber fund buys Weyerhaeuser Uruguay assets for $403 mln". U.S. Retrieved 2018-11-24. {{cite news}}: |author= has generic name (help)
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  69. "BTG Pactual Ranks First in Brazil Equities Sales". Institutional Investor.
  70. "London 2018 - Global Macro Fund: BTG Pactual GEMM Fund - WINNER". Investors Choice Awards. Archived from the original on 2018-11-14. Retrieved 2018-11-24.
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  72. Silvia Aloisi, Steve Slater (16 April 2012). "Insidertrading fine casts cloud over BTG Pactual IPO". Reuters. Retrieved 10 January 2015.
  73. Silvia Aloisi, Steve Slater (16 April 2012). "Insidertrading fine casts cloud over BTG Pactual IPO". Reuters. Retrieved 10 January 2015. In a statement, BTG Pactual said Esteves believed the allegations had no merit and was determined to appeal the decision.
  74. Van Den Brule, Jill. "Charles Rosier To Support MPOWERD's Luci Lantern Lighting Up The City Of Lights". iReach. Archived from the original on 12 July 2015. Retrieved 21 July 2015. Luci will be distributed throughout France in the coming months with the support of Charles Rosier, a partner with Brazilian investment bank, BTG Pactual.
  75. Rutishauser, Arthur. "Die neuen Herren der BSI und ihre Vergangenheit" (in German). Sonntagszeitung. Archived from the original on 2015-01-22. Retrieved 10 January 2015. Der grösste Insiderfall – allerdings kein strafbarer, sondern ein cleverer – ist, wie Esteves zu seiner Bank kam, an der er 27 Prozent be sitzt und die er beherrscht. Er verkaufte die Bank 2006 der UBS für 3,1 Milliarden Franken. Zwei Jahre später kaufte er sie für 2,5 Milliarden zurück und brachte sie 2012 für 14 Milliar den Dollar an die Börse. Verantwortlich für den Kauf der Pactual war 2006 der damaligen UBS-Investmentbanking chef Hew Jenkins. Jenkins wur de da mals kurzzeitig zum Chef von Esteves. Es war unter seiner Ägide, als die UBS einen grossen Teil der Schrott-Hypotheken kaufte, die bei der UBS zu den 60 Milliarden Franken Abschreibungen und letztlich zum Eingreifen des Staates führten.
  76. Jenkins, Patrick. "Ex-UBS man's key role in Brazil bank". Financial Times. Retrieved 17 January 2015. Like most of those who were ejected from their jobs during the financial crisis, he swiftly disappeared from view.
  77. Shotter, James (26 March 2014). "Former UBS banker Branson to head Finma". Financial Times. Retrieved 21 July 2015. Before working for Finma, Mr Branson held a number of senior positions at UBS, including working as chief financial officer of its wealth management and Swiss bank business. He was also in charge of UBS's Japanese securities unit between 2006 and 2008, a period during which employees at the division were involved in attempts to manipulate Libor. As a result, he faced calls to step down in 2012 after UBS reached a SFr1.4bn settlement with a number of regulators, including Finma, over allegations that it had manipulated interbank rates on an "epic" scale.
  78. "UBS announces senior management appointments". UBS. 15 September 2005. Archived from the original on 6 March 2016. Retrieved 21 July 2015. Mark Branson, currently UBS's Chief Communication Officer, will become CEO of UBS Securities Japan Ltd, succeeding Simon Bunce, recently appointed Global Head of Fixed Income for UBS's Investment Bank. In his new role, reporting to Huw Jenkins, CEO, Investment Bank and Rory Tapner, Chairman and CEO, Asia Pacific, Mark Branson will oversee the development of UBS's Investment Bank in Japan and coordinate UBS Group activities in one of the world's largest and most important financial services markets.
  79. Dubas, Sebastien. "Le futur patron de BSI et son passé interpellent". Le Temps SA. Retrieved 21 July 2015. Le repreneur, ou le sauveur, se nommait BTG Pactual, un groupe financier brésilien. Les 2000 employés de BSI pouvaient regarder de l'avant, Generali tourner la page, BTG Pactual se féliciter d'avoir payé un montant jugé dérisoire par nombre d'observateurs – 1,5 milliard de francs pour 89 milliards sous gestion – et la Suisse se réjouir d'attirer encore des banques étrangères. Presque un an plus tard, le rachat doit toujours être validé par la Finma. Si le délai peut sembler long, c'est que le feu vert de l'autorité de surveillance des marchés financiers est lié, en partie, au dossier fiscal américain. Or, BSI a conclu un accord à 211 millions de dollars avec la justice américaine (DoJ) fin mars. Ce qui devrait lui permettre, espère-t-elle dans son rapport annuel publié dans la foulée, d'entériner la transaction rapidement. «La clôture du dossier américain était l'une des préconditions au rachat de BTG», souligne ainsi une source proche du dossier.
  80. "André Esteves é processado em Hong Kong por ex-Funcionário". Brasil Econômico (in Portuguese). 15 May 2014. Archived from the original on 22 January 2015. Retrieved 12 December 2014. André Esteves, o bilionário fundador do BTG Pactual do Brasil, foi processado por um ex-funcionário em Hong Kong, que alega que lhe foram prometidas uma parceria e ações por conseguir investidores antes da venda inicial de ações do banco. Zeljko Ivic alegou que o Banco BTG Pactual SA, o presidente e CEO Esteves e Huw Jenkins, um sócio-gerente, fizeram deturpações fraudulentas para que ele assinasse acordos com o banco de investimentos, conforme uma ação judicial apresentada perante o Supremo Tribunal de Hong Kong.
  81. Wong, Douglas (15 May 2014). "BTG Billionaire Esteves Sued in Hong Kong by Ex-Employee - Bloomberg". Bloomberg News. Retrieved 10 January 2015. Andre Esteves, the billionaire founder of Brazil's BTG Pactual, was sued by a former employee in Hong Kong who claims he was promised a partnership and stock for securing investors before the bank's initial share sale. Zeljko Ivic alleged that Banco BTG Pactual SA, Chairman and Chief Executive Officer Esteves and Huw Jenkins, a managing partner, made fraudulent misrepresentations to get him to sign agreements with the investment bank, according to a lawsuit filed with the Hong Kong High Court. BTG Pactual raised as much as 3.66 billion reais ($1.66 billion) in its 2012 initial public offering. The sale followed a 2010 agreement to sell a stake to a group including China Investment Corp., GIC Pte. and the Rothschild and Agnelli families. Esteves, 45, is worth $4.2 billion according to the Bloomberg Billionaires Index, mostly due to his 22 percent stake in BTG Pactual. Jenkins and Hong Kong-based BTG Pactual Asia Ltd., have also been sued and will vigorously defend the claims, "which they believe to be baseless and without merit," according to their lawyer Randall Arthur. BTG Pactual doesn't comment on matters under litigation, the Sao Paulo-based bank said. Shares of the company fell 0.7% to 32.22 reais at 10:41 a.m. in Sao Paulo. Ivic sought more than $20 million in damages for the value of the shares and partnership promised, as well as unpaid bonuses, his lawyer Robert Tibbo said.
  82. "20-Millionen-Klage gegen André Esteves und Huw Jenkins". Fine News (in German). 15 May 2014. Retrieved 12 December 2014. Der Anwalt von Ivic sagte hingegen, die beiden hätten Ivic etwas vorgespielt. Sein Klient habe eine Schlüsselrolle beim Pactual-Börsengang gespielt.
  83. Samor, Geraldo (15 May 2014). "Zeljko Ivic vs. BTG". Veja (in Portuguese). Retrieved 10 January 2015. Zeljko Ivic, o reclamante, alega que Esteves e o BTG lhe prometeram sociedade no banco para recompensar seu trabalho, mas não lhe teriam pago. Que trabalho? Ivic alega que foi pessoa-chave na captação de recursos que o BTG fez junto a nove entidades, incluindo os fundos soberanos China Investment Corporation e GIC e as famílias uber-líquidas Rothschild e Agnelli.
  84. Garvey, Paul (21 May 2014). "Edward Snowden lawyer helps accused insider trader Steven Xiao exploit boats row". The Australian. Retrieved 10 January 2015. In addition to representing Mr Snowden, Mr Tibbo is part of a lawsuit against billionaire Brazilian André Esteves. Mr Tibbo is acting for Zeljko Ivic, who is suing Esteves and BTG Pactual for more than $US20 million in damages.
  85. Rizério, Laura (15 May 2014). "Ex-funcionário do BTG de Hong Kong processa André Esteves e pede reparação de US$ 20 mi" (in Portuguese). InfoMoney. Archived from the original on 22 January 2015. Retrieved 12 December 2014. De acordo com o advogado Robert Tibbo, Ivic quer mais de US$ 20 milhões em danos morais, tendo como base o valor das ações e a parceria prometida.
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