The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

The Pactual partners: should I stay or should I go?

The ink has just dried on the contract. Finally Andre Esteves, a former Pactual partner, has his old firm back in his grasp after UBS agreed to sell in April and the deal closed in September. The new BTG Pactual took back 65 of its original partners. However, half of these plan to move on.

Renumeration: Brazilian bucks leave globals gasping

Gilberto Sayão, a former senior partner with Andre Esteves, who is still expecting another $200 million from the initial Pactual sale in 2006 to UBS, is leaving with another 29 old partners. The other half are slipping in nicely with Esteves’ plan of local investment banking domination.

The 35 partners that are staying have taken on their stock share and have already seen the value of the bank rocket up. One source at BTG Pactual notes: "BTG announced its acquisition of Pactual in April for $2.4 billion. I don’t think $5 billion would be enough for the bank now. The market has recovered so much more quickly than we expected. In April, we certainly didn’t imagine we would be running a $7.8 billion IPO for Santander, not to mention all the other equity deals we are working on at the moment."

The source also said that a BTG Pactual IPO is already under consideration. Although nothing is finalized, the group is apparently looking at coming to market in the middle of 2010. Analysts estimate BTG Pactual to be valued at $8 billion to $10 billion today.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree