(Bloomberg) -- Banco BTG Pactual SA is purchasing a stake in equity-focused asset manager Amago Gestao de Investimentos Ltda, according to people familiar with the matter.
The bank is set to become a minority shareholder at the small Brazilian firm, which has about 100 million reais under management ($18 million), the people said, asking not to be named because the information isn't public. Talks are already concluded, one of the people said.
BTG Pactual and Amago declined to comment.
Sao Paulo-based Amago was founded in 2016 by Iram Siqueira, who worked at Credit Suisse's Brazilian unit, and Rodrigo Barros, a former director at Deutsche Bank, according to the firm's LinkedIn page.
Last year, BTG agreed to become a partner at a new asset management firm that's being set up by Itau Asset Management's former CEO, Rubens Henriques, according to Eduardo Guardia, chief executive officer of BTG's asset management unit. At the time, Guardia said the bank had plans to buy other similar stakes in asset management firms, an industry growing at breakneck pace in Brazil..
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