Brazilian Boutique Investment Banks Get Squeezed

Nov 1, 2010

The crop of boutiques that sprang up from the bulge bracket wreckage faces fresh competition. They will need relationships, international connections and a proper structure to survive.

by John Rumsey

Boutique banks popped up in post-crisis Brazil like mushrooms after the rain. G5 Advisors, BR Partners and Orienta Partners have joined the ranks of an older generation that include Rothschild, Vergent Partners, Singular Partners, and Estáter Gestão e Finanças.

The brains behind the new pretenders are generally veteran investment bankers with large client lists, says Jorge Maluf, partner at recruiter Korn Ferry in São Paulo. "International banks put the brakes on too hard during the recession and senior executives became frustrated by the conservative attitudes and lack of attention from headquarters," he notes, pointing out this is similar to what drove the previous wave of openings, many following the 2002 Brazil market crisis.

Newcomers are already carving a niche out in Brazil’s explosive M&A scene. They generally seek to focus on the middle market, which they say larger investment...

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