BTG Makes Celfin Cuts

BTG Makes Celfin Cuts

People Corporate & Sovereign Strategy Brazil Chile

Chile’s Celfin is shedding 70 positions as part of its integration with BTG Pactual, with about 10% of the company either being cut or leaving once they realized there was duplication in their positions, according to sources familiar the matter. BTG closed the purchase of Celfin last week. The deal, agreed in February for 2.42% of BTG's equity and $245m, created a firm with $69bn in assets under management and a $28bn wealth management business, according to the companies. Celfin, which was foun

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