The news that Andre Esteves has left UBS, where he was chief executive of Latin America, to set up his own investment fund did not come as a shock. Esteves is an entrepreneur who had become a billionaire before his 40th birthday. He and a handful of others built a successful boutique, Banco Pactual, which they then sold for a fortune to the Swiss bank. And although at one point he was even seen as a potential head of UBS, he is leaving after only 18 months.
The only surprise to his departure was the timing. Just one month earlier, in May, UBS announced that Esteves had relinquished his other role as global head of fixed income, currencies and commodities to...
