BTG Sees Another $224 Million Flee From Funds After Arrest
- Investors pulled equivalent to 40% of net assets of 10 funds
- Esteves resigned from bank Sunday as court extends arrest
This article is for subscribers only.
Grupo BTG Pactual SA’s clients continued to take money out of some of the bank’s fixed-income funds through the end of last week, pulling a net 866 million reais ($225 million) on Friday.
That adds to 4.2 billion reais in net withdrawals on Nov. 25 and Nov. 26, according to data compiled by Bloomberg -- the latest of which was released on Monday. The 5.1 billion-real outflow over three days followed the arrest of the bank’s controlling shareholder and then-chief executive officer, Andre Esteves. It represents about 40 percent of the combined net assets of the 10 fixed-income funds listed on the bank’s website.