Reuters: Regulatory News: BTG Pactual boss Esteves investigated over trades

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BTG Pactual boss Esteves investigated over trades Apr 16th 2012, 11:31 LONDON, April 16 | Mon Apr 16, 2012 7:31am EDT LONDON, April 16 (Reuters) - André Esteves, the billionaire shareholder of Brazilian investment bank BTG Pactual, is under investigation in Europe for trades he made in his personal account in 2007, the prospectus for the bank's planned listing shows. Esteves, who is chief executive, chairman and controlling shareholder of BTG Pactual, at the time was employed by UBS , where he worked after he sold Pactual to the Swiss bank for $3.1 billion in May 2006. "Our controlling shareholder is a subject of an ongoing civil, non-criminal investigation in Europe in connection with certain trades in the securities of a European market issuer made by him in his personal capacity in 2007," the BTG Pactual prospectus said. "Our controlling shareholder believes that the allegations are without merit, and currently intends to appeal a finding (if any such finding occurs) against him in such matter." Esteves rose through the ranks at BTG Pactual before he sold it to UBS. He bought the bank back for $2.5 billion in 2009, together with some other partners. BTG Pactual launched its initial public offering on April 3, and could raise 4.1 billion reais ($2.2 billion) from the deal. It will be the first initial public offering by an investment bank based in Brazil, and raise the bank's profile and that of Esteves globally. Based on an acquisition it made earlier in the year, BTG Pactual is worth $14.8 billion. The prospectus said regardless of the outcome of the investigation, the bank did not believe there will be an adverse effect on BTG Pactual, including on Esteves's capacity to serve in his present role. BTG Pactual could not immediately be reached in Europe. UBS declined to comment. Esteves joined Banco BTG Pactual in 1989 and became a managing partner in 2002. After the UBS takeover, he was appointed as UBS's global head of the fixed income, currencies and commodities group in October 2007. Link this Share this Digg this Email Reprints

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