Grupo BTG Pactual’s hedge fund unit is shutting down its Hong Kong office as it shrinks its operations following a slump in assets under management, two people with knowledge of the matter said.
Bloomberg News reports that Antoine Estier, a former UBS fixed-income trader who led the hedge fund unit, will leave, the people said, asking not to be named as they were not authorized to speak on the matter. A spokeswoman for BTG declined to comment. Estier, the hedge fund’s chief investment officer, did not respond to messages and an e-mail seeking comment. Efinancialcareers reported last week that Estier would leave the firm.
BTG’s hedge fund unit has been hit by redemptions following the arrest and release of the investment bank’s billionaire founder Andre Esteves, who was accused of trying to obstruct a corruption investigation involving an oil company. The BTG Pactual GEMM Fund has seen assets drop to about $250m, a person familiar with the matter said previously this month, from more than $4bn in November.
To access the complete Bloomberg News article hit the link below: