(Updates with BTG Pactual’s comment in third paragraph.)
Jan. 20 (Bloomberg) -- Banco BTG Pactual SA, the Brazilian bank led by billionaire Andre Esteves, hired Gordon Lee from UBS AG as country specialist and strategist for Mexico to strengthen Latin American equity coverage.
Lee, 39, who was head of Latin American research at UBS, will be based in New York, said Rodrigo Goes, the bank’s head of Latin American equity sales, trading and research. The Sao Paulo-based firm may hire another analyst this year to help on Mexican coverage, Goes said.
“In order to get a share of the commercial pools of funds dedicated to Latin American, it’s important to have coverage of all the countries that matter in the region,” Goes said in a telephone interview from Sao Paulo today. “There is a significant demand for Mexico coverage as it represents about 20 percent of the Latin American index.”
Brazilian banks, including BTG Pactual and Itau Unibanco Holding SA, are seeking to expand in other Latin American countries as the region’s growth accelerates. Itau’s Banco Itau BBA SA unit said last month it plans to hire 37 people in Colombia, while BTG entered talks to buy Chile’s Celfin Capital SA in August.
BTG has 28 analysts covering Latin America companies, including Rafael Shin, who’s the only one currently dedicated to Mexico, Goes said. Celfin will add a team of 13 analysts if the deal is concluded, he said.
--Editors: Steve Dickson, William Ahearn
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