巴西独立投行BTG Pactual已从一个银行财团获得18亿美元注资，该财团由全球最大的三只主权财富基金牵头。
由新加坡政府投资公司(Government of Singapore Investment Corp)、中国投资公司(China Investment Corp)和阿布扎比投资局(Abu Dhabi Investment Council)等9只基金作出的这宗投资，突显出这些基金的关注焦点正从西方经济体转向新兴市场。
Pactual首席执行官安德烈•埃斯特维斯(André Esteves)表示，这是主权财富基金在巴西乃至整个拉丁美洲的“首宗大手笔交易”。“这是一种新金融秩序的迹象，”他表示。该交易意味着Pactual的估值达到100亿美元，也就是说，该行自18个月前以24.5亿美元从困境中的瑞银(UBS)剥离以来，价值翻了两番。
在时任首席执行官埃斯特维斯的策划下，Pactual在2006年被瑞银收购。随后他成为这家瑞士银行固定收益部门的全球主管。
2008年，埃斯特维斯离开瑞银创立BTG，当时他从瑞银带走了一批固定收益和新兴市场交易员。次年，在瑞银千方百计支撑自己摇摇欲坠的财务状况、剥离任何不必要的部门之际，他组建了一家合伙企业，买回了Pactual，然后合并两家，组成BTG Pactual。
Pactual预期今年将实现约7亿美元的税后利润，其现有资本基础大约为20亿美元，这意味着其股本回报率超过30%。
Pactual在巴西、纽约、伦敦和香港设有办公室，员工逾1100人，旗下管理和经营的资产超过500亿美元。
埃斯特维斯表示，上述交易将使让该行能够在巴西乃至拉美各国扩张业务。“在Pactual历史上，我们能够识别的机会首次超过了我们能够投入的资本，”他表示。
他表示，该行在巴西的客户现在有望接触到一批全新的长期投资者，这对巴西所需的基础设施扩建至关重要。
5家领头的投资者——新加坡政府投资公司、中投公司、阿布扎比投资局、加拿大安省教师养老金计划(Ontario Teachers’ Pension Plan)以及私人股本公司JC Flowers——将分别注资2亿至3亿美元。
另外4家投资者——罗斯柴尔德勋爵(Lord Rothschild fund)旗下基金RIT、哥伦比亚圣多明哥(Santo Domingo)家族、意大利阿涅利(Agnelli)家族投资工具Exor以及巴拿马莫塔(Motta)家族——将提供其余资金。此笔交易将使该财团拥有Pactual 18%的股份。
新加坡政府投资公司、中投公司和JC Flowers将各自获得一个该行的董事会席位。
译者/和风
http://www.ftchinese.com/story/001035902
BTG Pactual, the independent Brazilian investment bank, has secured a $1.8bn injection of fresh capital from a consortium of banks, led by three of the world’s biggest sovereign wealth funds.
The investment – by nine funds including the Government of Singapore Investment Corp, China Investment Corp and the Abu Dhabi Investment Council – underlines the shift in the funds’ focus away from western economies and towards emerging markets.
André Esteves, Pactual chief executive, said it was the “first big move” of the sovereign wealth funds not only in Brazil but Latin America. “It’s a sign of a new financial order,” he said. The deal values Pactual at $10bn, representing a fourfold increase in the value of the bank since it was bought out of the troubled Swiss bank UBS for $2.45bn 18 months ago.
Pactual was bought by UBS in 2006 in a deal orchestrated by Mr Esteves, then chief executive. He went on to become global head of fixed income at the Swiss bank.
In 2008, Mr Esteves left to set up BTG, taking with him a clutch of fixed-income and emerging market traders from UBS. The following year, as UBS cast around for ways to shore up its crumbling financial position and divest any unnecessary divisions, he put together a partnership that bought back Pactual, and merged the two to form BTG Pactual.
Pactual expects to generate about $700m of after-tax profits this year, on an existing capital base of about $2bn – giving it a return on equity of more than 30 per cent.
Pactual, which has offices in Brazil, New York, London and Hong Kong, employs 1,100 people and has assets under management and administration of more than $50bn.
Mr Esteves said the deal would allow the bank to expand in Brazil and across Latin America. “For the first time in Pactual’s history, we can identify more opportunities than we have capital to support,” he said.
He said the bank’s clients in Brazil would now have potential access to a fresh range of long-term investors, crucial for the kind of infrastructure expansion that the country needs.
The five lead investors – GIC, CIC, Adic, Ontario Teachers’ Pension Plan and JC Flowers, the private equity firm – are each injecting between $200m and $300m.
A further four investors – RIT, the Lord Rothschild fund; Colombia’s Santo Domingo family; Exor, the investment vehicle of Italy’s Agnelli family; and Panama’s Motta family – are supplying the remainder. The transaction gives the consortium an 18 per cent shareholding in the bank.
GIC, CIC and JC Flowers will each have a representative on the board.
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