BTG Funds Lose Half of Net Assets in Week After Esteves ArrestBy
Withdrawals have slowed to 210 million reais on Wednesday
Lender’s bonds fell to a record of 52.6 cents on the dollar
Some of Grupo BTG Pactual SA’s fixed-income funds have lost about half of their net assets in the week that followed the arrest of the firm’s billionaire founder, Andre Esteves.
Clients pulled a net 6.7 billion reais ($1.8 billion) in the week after Esteves was jailed as part of a corruption probe in Brazil, according to the latest available data compiled by Bloomberg. That represents more than half of the combined net assets of the 10 fixed-income funds listed on the bank’s website, which totaled 12.7 billion reais the day before the arrest…
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