André Esteves

André Esteves
Born	(1968-07-12) July 12, 1968 Rio de Janeiro, Brazil
Occupation(s)	Entrepreneur, banker
Known for	Senior partner and chairman of BTG Pactual
Notable work	Founder of Inteli; philanthropist on boards of Conservation International, Council on Foreign Relations

André Santos Esteves (born July 12, 1968) is a prominent Brazilian billionaire entrepreneur, ranked sixth among Brazil's wealthiest individuals with an estimated net worth of US$6.9 billion as of March 2025. He holds the position of senior partner and chairman at BTG Pactual, recognized as Latin America's largest investment bank. As an active philanthropist, Esteves contributes his expertise to the boards of Conservation International, Inteli, and the Council on Foreign Relations.

In 2015, Esteves was accused of obstructing justice but was ultimately exonerated in July 2018 when the Federal Public Ministry officially cleared him of all charges. On April 29, 2022, he was reinstated by shareholders as chairman of BTG’s board.

Personal life

Born into a middle-class family in Rio de Janeiro, André Esteves earned a bachelor's degree in computer science from the Federal University of Rio de Janeiro. He is a father of three and is noted for his unpretentious lifestyle—he has driven the same Mercedes pickup for many years and typically takes only two weeks off annually, despite owning a Dassault Falcon private jet valued at approximately US$50 million. His personal interests include cinema, wine, fine cuisine, and maintaining a balanced life focused on family.

Career

Following his graduation, Esteves began his career at Pactual in 1989 as a systems analyst. Within one year, he transitioned to the bank’s foreign debt trading team and, within two years, was managing IPOs and M&A transactions. His trading activities in 1992 contributed to Pactual achieving a 59% return on capital, which secured him partnership status. UBS acquired Pactual in December 2006 for $2.6 billion. In June 2008, Esteves and several key partners departed UBS to establish BTG, an international investment firm. By April 2009, they reacquired Pactual from UBS for US$2.5 billion. Known for his rigorous work habits, Esteves typically begins his day at 6:30 AM and often holds late-night meetings with partners, including regular Sunday gatherings at his residence to discuss strategy and negotiate deals.

Philanthropy

According to James Crombie of LatinFinance, André Esteves is a supporter of educational and environmental causes. He serves on the Global Board of Advisors for the Council on Foreign Relations and actively supports projects aimed at improving education, healthcare, and the arts within Brazil. Among the organizations he backs are the Universidade de São Paulo, "Hospital de Câncer de Barretos," and the Museu de Arte Moderna de São Paulo.

In April 2020, Esteves alongside BTG Pactual partners contributed 50 million Brazilian reais to assist efforts against the COVID-19 pandemic.

Environment

André Esteves engages in environmental initiatives, often discreetly. He serves on the board of Conservation International and has backed the Amazonia Live campaign, which seeks to plant one million trees in collaboration with the international music event Rock in Rio.

He is involved with the 5P Alliance, a collective of entrepreneurs committed to conserving the Pantanal ecosystem by purchasing farmland to establish ecological corridors. Esteves owns Fazenda Rio Negro, which has been recognized as a Private Natural Heritage Reserve (RPPN) since 2001, dedicated to safeguarding threatened species such as the giant otter, marsh deer, and hyacinth macaw. Additionally, this estate was utilized as a filming site for the Brazilian television series Pantanal.

Inteli

In 2021, André Esteves partnered with Roberto Sallouti to establish the Institute of Technology and Leadership (Inteli), an educational institution emphasizing Technology, Computing, Business, and Leadership disciplines. Esteves and his family provided a substantial donation of US$38 million to support this venture.

Esteves Hall

A significant personal contribution from Esteves enabled the refurbishment of the former Baker Hall at Harvard Business School, now renamed Esteves Hall. This venue hosts Harvard’s Executive Education programs, which annually draw approximately 10,000 executives worldwide, including a considerable number from Brazil.

Prizes

• Awarded Entrepreneur of the Year by Rio de Janeiro’s Trade Association (ACRJ), 2023
• Honored as Person of the Year by the Brazilian Chamber of Commerce UK, 2014
• Named Entrepreneur of the Year by Isto É Dinheiro magazine in both 2011 and 2014
• Recognized as Person of the Year by the US-Brazil Chamber of Commerce, 2012
• Acknowledged as Financial Leader by Leaders of Brazil, 2012
• Included among Bloomberg’s 50 Most Influential People globally, 2012
• Designated Prominent Executive in banking by Valor Econômico for 2011–2013
• Listed as one of the Most Admired Leaders by Carta Capital magazine in 2011 and 2012
• Featured among "100 Most Influential Brazilians" by Época magazine from 2009 through 2012
• Awarded Personality of the Year by Latin Finance, 2010
• Ranked within the top 25 most influential financial executives by Institutional Investor, 2009

BTG Pactual

BTG Pactual, led by chairman and senior partner André Esteves, offers advisory services including mergers and acquisitions, equity and debt underwriting, asset and wealth management, sales and trading activities, corporate lending, and fund management. Its clientele encompasses corporations, financial institutions, governments, and affluent individuals.

Approximately 70% ownership lies with partners, ensuring alignment between long-term interests and stakeholders. The bank actively engages in proprietary investments and is acknowledged as a leading investment bank within emerging markets. It stands as Brazil’s largest independent investment bank as well as its biggest asset manager.

Insider trading

In April 2012, Italy’s Consob imposed a €350,000 fine on André Esteves for insider trading involving shares of Italian meat processor Cremonini amid joint venture discussions with Brazilian firm JBS. Authorities also froze €4.2 million in his assets and prohibited him from holding officer positions in Italian companies for six months. The matter concluded without impacting BTG Pactual’s $2.3 billion initial public offering.

Esteves consistently denied wrongdoing and initially intended to appeal but later abandoned the appeal due to concerns over time and expenses. The episode necessitated revisions to the bank’s IPO prospectus and offered investors an opportunity to reconsider their bids. No criminal charges arose from this investigation.

Sale of Pactual to UBS and Subsequently to BTG

Arthur Rutishauser, writing in Sonntagszeitung, revealed that the acquisition of a 27% stake in the bank by Esteves involved insider transactions: Esteves sold the institution in 2006 for 3.1 billion Swiss francs to UBS, with Huw Jenkins playing a pivotal role in the deal. After leaving UBS to found BTG, Esteves reacquired Pactual in 2009 for 2.5 billion Swiss francs. Jenkins, who had been dismissed from UBS in 2007, resurfaced in 2010 as a senior partner and board member at BTG Pactual.

Legal Action in Hong Kong by Former Staff Member

BTG Pactual CEO André Esteves and board member Huw Jenkins faced a lawsuit filed in Hong Kong by ex-employee Zeljko Ivic, who alleges deceptive misrepresentations were made to secure his agreement with Banco BTG Pactual SA. Ivic asserts he was assured partnership status and equity shares for bringing investors prior to the bank’s IPO. His legal counsel emphasized Ivic’s significant contribution to the IPO and is pursuing damages exceeding US$20 million for shares, partnership entitlements, and unpaid bonuses. The suit names Esteves, Jenkins, and BTG Pactual Asia Ltd., all of whom intend to robustly contest what they regard as unfounded allegations. This litigation has caused a modest decline in BTG’s stock value, reflecting investor apprehension amid the ongoing dispute.

Connection to Sete

On June 19, 2015, Marcelo Odebrecht, CEO of Brazil’s leading construction company, was detained by Brazilian Federal Police concerning contracts with the rig operator Sete Brazil and state oil enterprise Petrobras. During his detention, Odebrecht handed over a handwritten note implicating André Esteves and BTG Pactual in the Lava Jato probe. Investors in Sete Brasil included pension funds such as Petros, Previ, Funcef, Valia; banks including Santander, Bradesco, BTG Pactual; and Petrobras itself. In the first quarter of 2015, BTG Pactual recorded an impairment provision on its Sete investment amounting to approximately 25% of its book value, which negatively affected revenues by R$280 million.

Detention and Subsequent Release

On November 25, 2015, Esteves was taken into custody amid controversies involving Petrobras and his bank’s interactions with the oil giant. He was freed on December 17, 2015, under conditions that included house arrest until he obtained employment. Judge Teori Zavascki prohibited him from holding management positions within companies under investigation; however, the specific entities were not disclosed publicly. Following his release, BTG’s share price increased by 7.7%, alongside a rise in value of its $1 billion bonds maturing in 2020. Esteves's legal representatives argued that his arrest was influenced by his status among Brazil’s wealthiest individuals.

On April 27, 2016, Esteves rejoined Grupo BTG Pactual as a senior partner focusing on strategic and operational guidance. The Brazilian Supreme Court removed all restrictions against him, with his attorney confirming he faced no remaining charges and was authorized to resume professional activities.

Full vindication

Esteves was completely cleared of all accusations, a decision widely seen as a significant miscarriage of justice in Brazil. On June 28, 2017, Chief Justice Gilmar Mendes commended the late Minister Teori Zavascki for identifying the case as an unmistakable judicial blunder. The court also raised concerns about how many others might have been similarly wronged.

The Federal Prosecution Service declared on September 1, 2017, that there was no proof of Esteves engaging in obstruction of justice. His attorney highlighted that he had been wrongfully implicated. Subsequently, on July 12, 2018, Judge Ricardo Leite officially acquitted Esteves due to lack of sufficient evidence. After the ruling, Esteves's defense team condemned the initial detention as unwarranted and excessive, emphasizing the necessity for proper legal procedures without sensationalism or overreach.