SAO PAULO, Nov 26 (Reuters) - Clients have withdrawn funds equivalent to about 3.5 percent of assets under management at Grupo BTG Pactual SA over the past two days, a source with knowledge of the bank’s strategy on Thursday.
Redemptions from BTG Pactual’s asset management unit were around 1 percent of assets on Wednesday, when André Esteves, the chief executive and controlling shareholder of BTG Pactual, was arrested on suspicion of obstructing a sweeping corruption investigation. BTG Pactual oversees 230 billion reais ($61 billion) in client money.
The source requested anonymity because of the sensitivity of the issue.
Reporting by Guillermo Parra-Bernal; Editing by Marguerita Choy