BTG Pactual, the largest Latin American investment bank, has completed the acquisition of Lutece Re, a boutique fund manager specialising in reinsurance risk.
As a result of the deal, Lutece Re has integrated into BTG Pactual Asset Management, the global asset management division of the firm.
Lutece Re was founded by industry veterans Erik Manning and Angus Ayliffe. Manning, Ayliffe and their experienced team of reinsurance professionals have joined BTG Pactual Asset Management, based in Bermuda.
“We are pleased to have completed the acquisition of Lutece Re, adding experts and strategies focused on the reinsurance and retrocession segments where we see significant opportunity to seek returns uncorrelated to traditional credit markets and our existing revenue streams,” said Steve Jacobs, Chief Executive Officer of BTG Pactual Asset Management.
Lutece Re manages the Retro Opportunities strategy, which invests in the high yielding retrocession ILS segment, and intends to launch a low volatility strategy in 2019 that will focus on a specific subset of reinsurance opportunities at the regulatory capital level (senior and super-senior tranches) of a reinsurer’s capital structure.
As part of BTG Pactual Asset Management, an experienced and diversified Investment Committee will oversee the strategies.
