BTG Adds in Colombia

BTG Pactual has agreed to buy Colombian brokerage Bolsa y Renta, it says, for $51.9m, as the bank continues to spend its IPO funds to expand outside of Brazil. Bolsa y Renta will use part of the proceeds to acquire a 0.25% interest in BTG. The executive team of Bolsa y Renta will stay on as managers of BTG’s Colombian operations, BTG says. Bolsa y Renta claims $2.57bn AUM in its wealth management division and $874m AUM in its asset management business. The transaction remains subject to regulatory approval. The deal follows last year’s purchase of Chile’s Celfin Capital in exchange for 2.42% of BTG’s equity and $245m in cash, a deal that also brings a presence in Peru. After hiring Javier Artigas in April to lead an on-the-ground presence in Mexico, that market could be next.