Esteves looks for his next fortune
The Brazilian billionaire built Banco Pactual into one of Latin America’s foremost investment banks before selling it to UBS in 2006. After an inglorious and turbulent two-year stint at the Swiss firm, he is returning to his entrepreneurial roots by setting up a new asset management company. He talks to Chloe Hayward about his plans.
|December 1||UBS buys Banco Pactual for $2.6 billion. Esteves becomes the youngest billionaire in Brazil. Esteves named as new chairman and chief executive of UBS in Latin America|
|May 3||UBS closes its in-house hedge fund, Dillon Read Capital Management, just five months after it opened. The fund lost $124 million from trades in the US sub-prime lending market in the first quarter of 2007|
|July 6||Peter Wuffli resigns as CEO of UBS investment bank. Marcel Rohner named as his successor|
|August 3||Esteves named as new head of FICC at UBS|
|October 30||UBS announces an operating loss, before tax and minority interests, of Sfr726 million in the third quarter of 2007|
|November||Rumours emerge that Esteves is in informal talks with Rohner to buy back Banco Pactual|