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Brazil's BTG acquires broker Necton for $61.9 mln - filing

Credit: REUTERS/ADRIANO MACHADO

Brazilian lender Banco BTG Pactual SA has acquired broker Necton Investimentos SA for 348 million reais ($61.9 million), according to a securities filing on Monday.

SAO PAULO, Oct 26 (Reuters) - Brazilian lender Banco BTG Pactual SA BPAC11.SA has acquired broker Necton Investimentos SA for 348 million reais ($61.9 million), according to a securities filing on Monday.

Necton has 16.1 billion reais in assets under custody, the bank said. Necton's brand and operations will be kept separate from BTG.

The move is part of BTG's strategy to grow its retail investment platform. As Brazil's benchmark interest rate hits record-low levels, individuals are migrating to riskier assets, seeking higher returns.

($1 = 5.6191 reais)

(Reporting by Carolina Mandl; Editing by Toby Chopra)

((carolina.mandl@thomsonreuters.com; +55 11 5644 7703; +55 11 97116-3806;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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