BTG Pactual in talks to buy Genial fund administrator

Banco BTG Pactual has initiated preliminary talks to acquire the fund administration business of financial group Genial, according to reporting by Pipeline on Monday, September 28, 2026. The asset is considered the main attraction of the group and oversees BRL 140 billion, according to data from Anbima.

A potential sale would reinforce liquidity for Genial, whose banking unit posted a loss in the first half of the year and fell out of compliance with Basel capital requirements. The broader Genial group also operates a brokerage and an asset management arm. According to two sources, talks remain in their early stages and may not advance. At least one meeting took place directly between Genial key partner Rodolfo Riechert, who worked at Pactual for nearly two decades, and his former partner André Esteves.

The discussions come amid regulatory and reputational pressures on Genial. In August, the Central Bank penalized the group for irregularities related to foreign exchange operations, internal controls, and reporting to the Council for Financial Activities Control (Coaf). The central bank proceeding included a fine and a four-year disqualification of partner André Schwartz. Additionally, Genial and former partner Humberto Tupinambá Neto were named this month in an investigation under "Operação Carbono Oculto."

BTG Pactual declined to comment on the matter, while Genial stated that it does not comment on market speculation.