BTG Pactual

BTG Pactual is a Brazilian financial company that operates in the markets of investment banking, wealth management and asset management. It offers advisory services in mergers and acquisitions, wealth planning, loans and financings, as well as investment solutions and market analyses. It's the biggest investment bank in Latin America and the Caribbean. Also the 5th biggest bank in Brazil.[2]

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
Number of locations
27 locations (2018)
Key people
Roberto Sallouti (CEO), Marcelo Kalim (Chairman), André Esteves (Senior Partner), Guilherme Paes (Partner)
ServicesInvestment banking
Asset management
Wealth management
Revenue US$ 1.3 billion (2018)
US$ 708.7 million (2018)
Total assets US$ 35.4  billion (2018)
Number of employees
2,291 (2018)
Websitewww.btgpactual.com

With headquarters in Rio de Janeiro and São Paulo, the clients of the bank, which began as a brokerage firm in 1983 in Rio de Janeiro, are companies, retail and institutional investors, as well as municipal, state and federal governments. With assets of R$218.3bn and shares traded on the BM&F Bovespa and NYSE Euronext, BTG Pactual has offices primarily in Latin American cities and in the world's leading financial centers.[3]

BTG Pactual is controlled by Roberto Sallouti, Marcelo Kalim, Claudio Eugênio Stiller Galeazzi, Eduardo Henrique de Mello Motta Loyo, Guillermo Ortiz Martínez and John Huw Gwili Jenkins.[4] André Esteves, who used to be the Chairman and CEO of the bank, currently holds the Senior Partner position.[5] The restructuring of governance occurred following legal problems involving Esteves. On July 12, 2018, Esteves was acquitted by the Federal Justice for lack of evidence, and his case is already considered a judicial error.[6][7][8]

Business lines

Investment banking

As a consultant or financier, BTG Pactual helps companies, other financial institutions and governments to obtain funding via the issuance of securities, and structured and guaranteed loans. It also provides services in M&A, IPOs, FX operations, as well as trading in derivatives and commodities.

Asset management

With a focus on institutional clients, it offers consultancy and investment solutions in fixed income, money markets, public and private equity, as well as stock, receivables-backed, real estate, hedge and private equity funds.[9]

Wealth management

BTG Pactual area responsible for managing customized investment portfolios for High Net Worth (HNW) individuals. It also offers financial advisory services to families that need to protect and expand their wealth, as well as succession and real estate planning.[10]

Timberland Investment

BTG's timberland investment group is responsible for agribusiness and timberland management, including tree farms and natural forests.[11]

Main financial indicators

BTG Pactual, the main investment bank in Latin America,[12] has the following financial results (2014):

  • Total revenues: R$6.7bn
  • Net profit: R$3.4bn
  • Net equity: R$18.6bn[13]

Structure

BTG Pactual was formed by Banco BTG Pactual and BTG Pactual Participations. The latter is the managing partner and controller of BTG Investments. Banco BTG Pactual is the main operating company of the group. On 15 September 2015, BTG Pactual acquired Banca della Svizzera Italiana (BSI)/Banco da Suíça Italiana). Founded in 1873 in Lugano, BSI specializes in wealth management for private and corporate clients.

History

BTG Pactual began in 1983 in Rio de Janeiro as the brokerage firm Pactual DTVM,[14] when its initial and primary activity was proprietary trading and securities sales and trading. From day one, the founding partners agreed that the new financial organization would be based on concepts such as meritocratic partnership, hard-working, hands-on and entrepreneurship. The following years were important for the bank, such as 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 underwent an organizational changes that resulted in the replacement of the former executive officers by a team led by André Esteves, Eduardo Plass, Marcelo Serfaty and Gilberto Sayão. The change in management also gave the bank a new strategic direction and began developing its client facing business as a way to diversify its sources of revenue and create a franchise in the Brazilian financial markets. At the end of this same year, the bank acquires Banco Bamerindus.[15] In 2000, the bank opened Pactual Asset Management S.A. DTVM and an office in Cayman Islands.[16] In 2003, the expansion continued with more office in Brazil, in the cities of Belo Horizonte and Recife.

In 2006, the UBS bought Banco Pactual for US$2.5 billion [17][18] 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, an alternative asset management company, along with nine other founding partners of UBS and UBS Pactual, including Pérsio Arida, a former president of the Brazilian Central Bank. In 2009, BTG buys out UBS shareholders and creates Banco BTG Pactual.[19] In 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 BM&FBovespa.[20]

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, the first was the British reinsurer Ariel Re[21] bought by an undisclosed amount and also acquired Swiss bank BSI,[22] for US$1.7 billion.

In 2017, BTG Pactual bought shares of companies such Anheuser-Busch InBev, Fibria Celulose, Gerdau, Staples and Telefónica Brasil.[23] Roberto Sallouti is currently CEO of BTG Pactual. The bank's management preserved the structure of a company, where all the partners are executives with responsibility in the day-to-day of the organization. The percentages of the company are reviewed annually, according to the individual performance of each partner, new members are invited to buy shares and join the partnership.

In August 2019, Brazil's federal police raided BTG Pactual's headquarters and the addresses of its founder, Andre Esteves.[24] Prosecutors are investigating whether Petrobras, as the state-run company is known, sold stakes in Nigerian oilfields to BTG in 2013 for a value lower than initial assessments by other financial institutions. Following the raid, shares of BTG Pactual decreased in value with more than 11%.[25]

Awards
  • Highly Commended at Best Private Bank in Brazil category by the Global Private Banking Awards 2016[26]
  • Best Private Bank in Colombia by the Global Private Banking Awards 2016[27]
  • Best Private Bank in Colombia by the Global Private Banking Awards 2017[28]
  • Best Equities Sales bank in Brazil at the 2017 Institutional Investor ranking[29]
  • Elect Best Global Macro Fund by the 2018 Investors Choice Awards[30]
  • Elect the Best Investment bank in Brazil, Chile and Colombia by the 2018 World Finance Banking Awards[31]

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."[32] In "a statement, BTG Pactual said Esteves believed the allegations had no merit and was determined to appeal the decision."[33] However, Esteves did not appeal, citing cost and a loss of time as his reasons.[34] In 2013, Charles Rosier, a former partner of BTG Pactual,[35] was convicted in an insider trading case in France.[36][37][38] While at UBS, at the end of March and early April 2008, he and his cousin Joseph Raad used inside information to purchase shares and options in SNCF Geodis just before a takeover bid was announced.[39]

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, and heavily involved in that transaction.[40] Esteves later repurchased Pactual back in 2009 for 2.5 billion SFr after being allowed to leave UBS to set up BTG.[40] Jenkins was ejected from UBS in 2007 and disappeared then resurfaced as a senior partner and board member at BTG Pactual in 2010.[41]

BTG Pactual purchase of BSI

In July 2014, BTG Pactual purchased Banca della Svizzera Italiana (BSI), with the purchase being subject to the approval by the Swiss Financial Market Supervisory Authority (FINMA).[42] The current CEO of FINMA Mark Branson was previously the CEO of UBS Securities Japan Ltd.[43] and reported directly to Huw Jenkins, CEO of UBS Investment Bank who is now a partner and director of BTG Pactual.[44][45] Branson also worked with André Esteves, now CEO of BTG Pactual, when both worked at UBS on its management committee in November 2007, the time André Esteves committed insider trades.[46] Under Mark Branson, FINMA decided whether to approve BTG Pactual's purchase of BSI, although BTG Pactual wA being owned and operated by former superiors and colleagues Jenkins and Esteves, although it clearly does not implicate any illegal activity whatsoever.[45]

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 in late 2013 alleging Banco BTG Pactual board member Huw Jenkins and André Esteves made fraudulent misrepresentations to Zeljko Ivic to induce him to sign agreements with the bank.[47][48] Ivic said he had played a key role in Banco BTG Pactual's initial public offering (IPO), which raised funds from nine entities, including the China Investment Corporation, GIC Private Limited, and the Agnelli and Rothschild families, for which Jenkins had promised him a partnership and shares.[49][50] Ivic, who valued his claim at some US$20 million, started proceedings after being dismissed in October 2013.[51][52] In March 2017, the parties involved, including Messrs. André Esteves and Ivic Zeljko, reached a final settlement for the above-mentioned disputes, in which the parties have waived any of the rights they may have against the other party in respect of any of the claims.

References
  1. "Archived copy". Archived from the original on 2014-02-20. Retrieved 2018-10-10.CS1 maint: archived copy as title (link)
  2. Banker, The. "Top 1000 World Banks 2017 - Americas". www.thebanker.com. Retrieved 2018-11-23.
  3. "BTG Pactual list of offices". www.btgpactual.com. Retrieved 2018-11-23.
  4. "Bloomberg - Banco BTG Pactual S.A.: Board". www.bloomberg.com. Retrieved 2018-11-23.
  5. "Arida to leave Brazilian investment bank BTG's board - BNamericas". BNamericas. 2017-05-29. Retrieved 2018-11-23.
  6. "Bloomberg - BTG Founder Andre Esteves Acquitted by Brazilian Federal Court". www.bloomberg.com. Retrieved 2018-11-23.
  7. Editorial, Reuters. "Brazil court acquits former BTG Pactual CEO Esteves". U.S. Retrieved 2018-11-23.
  8. "Brazilian judge acquits BTG Pactual founder Esteves". Financial Times. Retrieved 2018-11-23.
  9. 36 (2018-11-23). "Btg Pactual Global Asset Management LTD Has Cut Its Praxair (PX) Position; Eaton Plc Ordinary Shares (ETN) SI Increased By 7.68% | The FinExaminer". The Frugal Forager. Archived from the original on 2018-11-24. Retrieved 2018-11-23.CS1 maint: numeric names: authors list (link)
  10. Editorial, Reuters. "UPDATE 2-BTG Pactual's digital unit to boost wealth management..." U.S. Retrieved 2018-11-23.
  11. Editorial, Reuters. "BTG Pactual timber fund buys Weyerhaeuser Uruguay assets for $403 mln". U.S. Retrieved 2018-11-24.
  12. Banker, The. "Top 1000 World Banks 2017 - Americas". www.thebanker.com. Retrieved 2018-11-23.
  13. MarketScreener. "Grupo BTG Pactual : BTG Pactual's 4Q14 net profit rose 10% y/y to R$848.4mn | MarketScreener". Retrieved 2018-11-24.
  14. "Fitch Affirms BTG Pactual Asset Management at 'Highest Standards'; Negative Outlook Assigned". Retrieved 2018-11-24.
  15. Editorial, Reuters. "Brazil's BTG Pactual to pay $210 mln for Banco Bamerindus". U.K. Retrieved 2018-11-24.
  16. GmbH, finanzen.net. "BANCO BTG PACTUAL S.A.(CAYMAN)DL-MED.-T.NTS 2013(13/20)REG.S Bond | Markets Insider". markets.businessinsider.com. Retrieved 2018-11-24.
  17. Turner, Sarah. "UBS to buy Brazil's Banco Pactual for up to $2.5B". MarketWatch. Retrieved 2018-11-24.
  18. Siegel, Aaron. "UBS buys Banco Pactual". www.investmentnews.com. Retrieved 2018-11-24.
  19. "BTG to buy UBS Pactual for US$2.5bn - BNamericas". BNamericas. 2009-04-20. Retrieved 2018-11-24.
  20. "BTG set to be one of Brazil's biggest IPOs". Financial Times. Retrieved 2018-11-24.
  21. Parra-Bernal, Guillermo. "BTG Pactual to buy Ariel Re in global casualty insurance push". U.S. Retrieved 2018-11-24.
  22. "BTG Pactual buys Swiss bank BSI from Generali for $1.7bn". Financial Times. Retrieved 2018-11-24.
  23. "Aug 17, 2017 - Banco BTG Pactual S.A. Buys Fibria Celulose SA, Anheuser-Busch InBev SA/NV, Pampa Energia SA, Sells Tempur Sealy International Inc, Mead Johnson Nutrition Co, NiSource Inc - GuruFocus.com". www.gurufocus.com. Retrieved 2018-11-24.
  24. Jeffrey, Ryan (2019-08-27). "BTG Pactual shares extend losses following police raid". www.spglobal.com. Retrieved 2020-01-16.
  25. "Brazil police raid investment bank BTG Pactual, shares sink over 11%". CNBC. 2019-08-23. Retrieved 2020-01-16.
  26. PWM. "Global Private Banking Awards 2016 - Winners and highly commended". www.pwmnet.com. Retrieved 2018-11-24.
  27. PWM. "Global Private Banking Awards 2016 - Winners and highly commended". www.pwmnet.com. Retrieved 2018-11-24.
  28. PWM. "Global Private Banking Awards 2017 - Winners and highly commended". www.pwmnet.com. Retrieved 2018-11-24.
  29. "BTG Pactual Ranks First in Brazil Equities Sales". Institutional Investor.
  30. "London 2018 - Global Macro Fund: BTG Pactual GEMM Fund - WINNER". Investors Choice Awards. Retrieved 2018-11-24.
  31. "Banking Awards 2018 - Best Investment Banks". www.worldfinance.com. Retrieved 2018-11-24.
  32. Silvia Aloisi, Steve Slater (16 April 2012). "Insidertrading fine casts cloud over BTG Pactual IPO". Reuters. Retrieved 10 January 2015.
  33. 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.
  34. "Annual Shareholder's Meeting". BTG Pactual. 27 March 2014. Retrieved 22 January 2015. Mr. André Santos Esvetes hereby declares, for all legal purposes, that in the last five years he has not been subject to the effects of any felony convictions, penalties applied by the CVM in administrative proceedings or final and unappealable decisions, either in legal or administrative proceedings, which would prevent him from performing any professional or business activities, except for the proceeding arising from the civil investigation by the Commissione Nazionale per Le Societá e La Borsa – CONSOB, in Europe, related to the improper secondary use of privileged information in the trading of securities issued by Cremonini S.p.A. Mr. Esteves filed an administrative appeal, which he subsequently withdrew despite his continuing affirmation that the accusations were unfounded, in order to avoid the expense involved in such an appeal, as well as the time lost. It is important to emphasize that the above-mentioned suspension occurred during the analysis of the subsequent appeal. It is also important to note that, due to its nature, this proceeding does not reflect any criminal consequences.
  35. Brule, Jill Van Den. "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.
  36. Stothard, Michael. "French trader is fined record €14m". Financial Times. Retrieved 21 July 2015. France’s market regulator has handed out the largest fine in its history to a trader who made €6.2m from insider trading, as the watchdog joins those in the US, UK and Japan taking a tougher line on financial crimes. High quality global journalism requires investment. Joseph Raad “an experienced financier and regular investor” had information about the imminent takeover of logistics company Geodis by SNCF, the French state railway, in 2008 by his cousin Charles Rosier, a UBS banker close to the deal, according to the Autorité des Marchés Financiers.
  37. Freehills, Herbert Smith (23 October 2013). "French AMF imposes record insider dealing fine - Lexology". Lexology. Retrieved 21 July 2015. Last Thursday, the French AMF imposed a record €14m fine on trader Joseph Raad for engaging in market abuse, alleging that he used non-public information sourced from a cousin to make €6.2m in 2008 by trading in the shares and options of logistics company Geodis. The AMF claims that Charles Rosier, a banker, tipped Raad off about an impending transaction that involved French state railway SNCF bidding for Geodis, and that Raad bought Geodis shares and options worth €8m in the fortnight leading up to the announcement of the bid.
  38. "Sanction". Autorité des marchés financiers. 24 October 2013. Retrieved 21 July 2015.
  39. Brasileiro, Adriana (25 October 2007). "Brazil Billionaire Runs $1.7 Trillion in UBS Assets". Bloomberg News. Retrieved 21 July 2015. Esteves is now in charge of about $1.7 trillion in UBS assets about 70 percent more than Brazil's current gross domestic product of $1.05 trillion.
  40. 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.
  41. 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.
  42. Bray, Chad; Dan Horch (14 July 2014). "Generali Sells Swiss Private Bank to BTG Pactual for $1.7 Billion". The New York Times. Retrieved 21 July 2015. The Italian insurer Generali Group said on Monday that it had agreed to sell BSI, a Swiss private lender, to the banking unit of BTG Pactual Group of Brazil for about $1.7 billion.
  43. 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.
  44. "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.
  45. 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.
  46. "Senior Marketing Changes at UBS" (PDF). Financial News. 2007. Retrieved 21 July 2015.
  47. "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.
  48. 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.
  49. "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.
  50. 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.
  51. 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 $US20 million in damages.
  52. Rizério, Laura (15 May 2014). "Ex-funcionário do BTG de Hong Kong processa André Esteves e pede reparação de US$ 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.
  • at Reuters
  • at BTG Pactual Investor Relations
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