Board of Brazil’s BTG Pactual approves plan to segregate divisions: Reuters

The board of Brazil’s Banco BTG Pactual SA approved a plan to float shares of the group’s private equity and hedge fund operations separately from its investment banking and money management operations, the bank said on Monday.

According to a securities filing, the board voted to issue separate units for each division, which will hold the same rights as the current units listed under the “BBTG11” ticker.

Grupo BTG Pactual SA, Latin America’s largest independent investment bank, said last month it was mulling the impact of segregating its two business divisions.

Banco BTG Pactual SA encompasses the group’s investment banking and money management activities, while BTG Pactual Participations Ltd handles investments made with the bank’s own capital such as private equity, global hedge funds and property.