Lacerda readies BR Partners for growth
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Lacerda readies BR Partners for growth


BR Partners grew steadily up until its successful IPO in 2021. However, tougher markets since that float have led to a period of relative consolidation. Will 2024 see a resumption of chief executive Ricardo Lacerda’s ambitious empire building?

BR Partners, the boutique investment bank founded by Ricardo Lacerda in 2009, is set for a year of rapid expansion, he tells Euromoney.

“Today we are about one-fiftieth the size of BTG Pactual. Hopefully we can grow to be between 5% and 10% …,” he says, trailing off. “That would be a long avenue for growth. So that’s what we’re focusing on.”

Lacerda has been pursuing a wealth management (WM) operation for BR Partners for years. The foundations for the business are in place and he anticipates significant hiring in the coming months. He has ambitious targets for revenues that will not just add to the bank’s top line but also provide important diversification into more stable revenue streams.

Lacerda is also surprisingly explicit about his plans for developing the bank’s equity capital markets (ECM) business. He insists no deal is yet in place to add equity distribution to the bank’s equity advisory capabilities – a prerequisite if the bank is to be a meaningful competitor for IPO and follow-on mandates – but he is mulling the acquisition of a Brazilian brokerage platform; something that will be of interest to competitors, given that equity issuance is tipped to resume with vigour next year.


Rob Dwyer head.jpg
Latin America editor
Rob Dwyer is Latin America editor. He has been a financial journalist since 1997 and has worked in London, New York and São Paulo, Brazil, where he is now based.
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