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# 399 Andre Esteves $6.07B

Random fact: Became a self-made billionaire in 2006 when UBS bought Banco Pactual.

Overview

Esteves is the chairman and controlling shareholder of Banco BTG Pactual, Latin America's largest investment bank. The Sao Paulo-based institution is involved in more than 90% of the financial transactions performed in Brazil. Esteves also has a stake in Estapar, a Brazil-based, publicly-traded parking-lot operator.

As of :
Last change +$38.9M ( +0.7%)
YTD change -$114M ( -1.8%)
Biggest asset BPAC11 BZ Equity
Country / Region Brazil
Age 54
Industry Finance
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Andre Esteves's net worth of $6.07B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Esteves's fortune is derived from his stake in Banco BTG Pactual, a publicly traded provider of financial services. The Sao Paolo-based company is Latin America's largest investment bank and is involved in more than 90% of the financial transactions performed in Brazil, according to the company's website.

Esteves owns about 25% of the company based on analysis of company filings and the company's website in December 2022. He's the bank's controlling shareholder through a structure of dual-class shares.

The value of his cash investments is based on an analysis of dividends, profit sharing, stock sales, taxes, investments and market performance in line with BTG's investment funds.

A spokesperson for BTG declined to comment on Esteves net worth.

Biography

Birthdate:
Family: Married, 3 children

Born in 1968, Andre Santos Esteves studied math at the Federal University of Rio de Janeiro. While still in college, he started working as a computer technician for Banco Pactual, which was founded by a banker named Luiz Cezar Fernandes. Esteves proved to be an able employee, and was promoted to fixed-income trader by 1990, the same year he graduated. Soon after, he was tapped to head the company's nascent asset management division.

As he collected an increasing slice of the bonus pool, Esteves boosted his stake in the bank. Fernandes, meanwhile, amassed outside debts from bungled attempts to diversify into textiles, packaging and orange juice. Esteves took advantage of his mentor’s misfortune and in 1998, along with his partners, demanded that Fernandes hand over his stake in return for loans. Fernandes accepted, then left the bank.

When Esteves and his partners sold Pactual to UBS for $3.5 billion in 2006, it had become an investment-banking powerhouse. They continued to lead the entity that resulted, known as UBS Pactual. In early 2008, as UBS's losses from subprime mortgage bets mounted, Esteves teamed with his billionaire compatriot Jorge Paulo Lemann and offered to buy a controlling stake in the 150-year-old Swiss bank, according to people with knowledge of the matter. Esteves was rebuffed. The following year, he made another proposal. He and some partners offered to buy back Pactual for $2.5 billion, and UBS accepted.

Since then, the bank -- now known as BTG Pactual -- has consolidated its position as Latin America's largest independent investment bank. It raised $2 billion in an initial public offering in April 2012.

Esteves was briefly arrested in a corruption probe on Nov. 25, 2015, for allegedly conspiring to interfere in an investigation of a kickback scheme at Brazil's state oil company, Petroleo Brasileiro SA, according to court documents. He was released 23 days later and fully exonerated in 2018, with a federal judge saying there was no “valid proof” for a conviction, according to a court document. In April 2022, he would retake the role of BTG chairman, which he had relinquished when arrested.

Esteves is married with three children.

Milestones
  • 1968 Andre Santos Esteves is born in Rio de Janeiro, Brazil.
  • 1989 Starts working at Pactual while still studying at UFRJ.
  • 1999 Leads his fellow partners in buying Pactual founder's stake.
  • 2006 Esteves and his partners sell Pactual to UBS for $3.1 billion.
  • 2009 With his partners, Esteves buys back Pactual for $2.5 billion.
  • 2012 Raises $2 billion in IPO, valuing BTG Pactual at $14.5 billion.
  • 2015 Detained in corruption investigation. Released three weeks later.
  • 2016 Released from house arrest following witness tampering investigation.
  • 2018 Acquitted by a federal court.
  • 2022 Elected once again chairman at Banco BTG Pactual.