BTG loses 30% of funds under management since Esteves arrest
Brazilian investment bank BTG Pactual has lost 30% of the funds under its management to withdrawals since its former CEO and chairman André Esteves was arrested in late November.
According to local daily Valor Econômico, a study from financial information provider Economatica showed that the bank lost 44.4bn reais (US$11.4bn) of its total 144bn reais between November 25 and January 13.
The fund that saw the largest amount withdrawn was BTG Yield DI, the bank's main fixed income portfolio. The study also showed that 41 of the investment bank's funds were canceled.
BTG Pactual is ranked sixth by the Brazilian financial and capital markets association (Anbima). The amount withdrawn from the bank during the short period of time is larger than the total amount managed by Banco Votorantim and Credit Suisse Hedging-Griffo, which come in at ninth and 10th place.
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