Brazil's BTG may bid for asset manager BRZ-report | Reuters

Brazil's BTG may bid for asset manager BRZ

SAO PAULO, Dec 22 (Reuters) - BTG Pactual, the securities firm controlled by Brazilian banking wunderkind Andre Esteves, is in talks to buy Sao Paulo-based asset management firm BRZ Investimentos, magazine Veja said on its Tuesday online edition.

Stocks | Mergers & Acquisitions | Bonds | Global Markets | Private Capital | Financials

Veja's Radar column, where the information was published, didn't give any terms for the transaction. GP Investments controls about 60 percent of BRZ, with the remaining 40 percent still belonging to a group of managing partners led by Nelson Rozental and Marcos Falcao.

BRZ has about 3 billion reais ($1.7 billion) in assets under management.

Spokeswomen for BRZ and GP Investments declined to immediately comment on the Veja report. A BTG Pactual spokeswoman did not answer calls requesting comments on the Veja report.

BRZ Investimentos, which was spun off about two years ago from Latin America's largest private equity firm GP Investments (GPIV11.SA), has been struggling in recent weeks after suspending redemptions on a private credit fund it oversees following massive withdrawals, according to local media reports. ($1=1.78 reais) (Reporting by Guillermo Parra-Bernal; Editing by Hans Peters)"