Grupo BTG Pactual is among investors that have pulled money out of the Brazilian bank’s own hedge fund unit, according to two people familiar with the matter.

The firm had hundreds of millions of dollars invested in the BTG Pactual GEMM Fund, said the people, who asked not to be named because the information is private. The hedge fund has shrunk to less than $500 million from more than $4 billion since November following the arrest and release of BTG’s billionaire founder, a person familiar with the matter said last week.

A spokeswoman for BTG Pactual declined to comment on the withdrawal of money from the hedge fund.

The fund is led by former UBS Group AG fixed-income trader Antoine Estier and employs about 70 traders globally. The bank started a consultation process with its employees on Monday as part of a plan to cut headcount, one of the people said.

BTG has been aggressively selling assets and secured a credit line from Brazil’s deposit-insurance fund, Fundo Garantidor de Creditos, in an effort to stay liquid after the November arrest of then-Chief Executive Officer and Chairman Andre Esteves in connection with a nationwide corruption scandal.

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