BTG Pactual announced on Wednesday (25) the acquisition of Greytown Advisors, a Miami-based wealth management firm, as part of its global expansion strategy. While the transaction value was not disclosed, the acquisition has already received regulatory approval.
With $1 billion in assets under management, Greytown Advisors specializes in serving high-net-worth families, particularly in Latin America, a market where BTG had less penetration. The acquisition strengthens BTG’s operations in the region and complements its multi-family office segment. The cultural alignment between the firms played a significant role in the agreement, as Marcello Correa, president of Greytown, is Brazilian and has extensive experience in the financial market.
Following the acquisition, Correa will join BTG’s team as a partner.
Rogério Pessoa, partner and head of Wealth Management at BTG Pactual, highlighted that negotiations with Greytown lasted two years and hinted that this might be the first of several future acquisitions. “This transaction reinforces our presence in the United States and allows us to serve a demanding and global audience,” Pessoa said.
The acquisition of Greytown Advisors is part of BTG Pactual’s strategic moves to expand its international presence. In June of this year, the bank also announced the acquisition of M.Y. Safra Bank, a private bank based in New York, following the previous year’s purchase of FIS Privatbank in Luxembourg.
Currently, BTG Pactual operates in several countries, including Argentina, Chile, Colombia, Spain, Mexico, Portugal, the United Kingdom, and Luxembourg. With these acquisitions, the bank reinforces its global growth strategy, managing around $45 billion in assets under management in the multi-family office sector.
Overall, BTG Pactual recorded significant growth, reaching R$ 799 billion in assets under management as of June 2024, representing a 27% increase compared to the previous year.
For Emilio Veiga Gil
For Funds Society, Brazil