BTG Plunders Credit Suisse Brazil

BTG Pactual, the growing Brazilian banking, trading and asset manager led by Andre Esteves, has poached 7 investment bankers from Credit Suisse’s Sao Paulo office, say Brazil-based investors and bankers. The move involves 2 senior bankers and 5 junior execution associates, all of whom have apparently left Credit Suisse without any significant cash guarantees from their new employer. Directors Marco Goncalves, in charge of M&A, and Joffre Salies, also responsible for M&A and other banking relationships, have departed the team led by Credit Suisse head of Brazil investment banking Jose Olympio. Also heard leaving are associates Bruno Amaral, Bruno Fontana, Guilherme Menge, Andre Quaresma and Bruno Prellwitz. The departures are a blow to Credit Suisse, which led Brazilian M&A last year but has fallen behind this year, according to Dealogic data. BTG, which most recently made a big splash by acquiring UBS’s Brazilian investment banking business, is on an aggressive hiring streak, say local bankers, despite the fact it is still hammering out partnership agreements with senior UBS Pactual executives looking to join Esteves’ firm. “BTG is very aggressive right now,” says a Brazil-based equity sales executive. “For Esteves, it’s going to be all or nothing.” BTG is also actively deploying capital into new deals, including private equity ventures and has partnered up with local retailer Insinuante to chase Globex’s Ponto Frio chain. BTG declines to comment on the hires.