|
BTG Pactual goespublic 巴西投行BTG公开上市 Back to basics 返璞归真的巴西投行 A purist pay scheme at Brazil s high-flyinginvestment bank; 巴西投行雄心壮志，薪酬方案追求纯粹; Wall street elders talk nostalgically about the daysof private partnerships, before investment bankswent public. BTG Pactual, a Brazilian investmentbank that raised 3.7 billion reais in an initial public offering on April 24th,thinks it can have the best of both worlds. Although the IPO will enable some investors, likeJ.C. Flowers and Co, a private-equity firm, to cash out at a handsome profit, the bank spartners have less freedom. 华尔街的老人谈起早些年的投行，常流露出怀念之情：那些年，它们还没上市;那些年，它们还是私人合伙公司。巴西投行BTG认为它做到两全其美，同时从这两种公司形式中获益。4月24日，BTG成功上市，共募得37亿雷亚尔。有的投资者，比方说私募基金J.C. Flowers and Co，在IPO中获益颇丰并功成身退。跟他们相比，BTG的合伙人们可就没法那么随心所欲了。 BTG does not want to go public only to see partners chase Ferraris, third homes and earlyretirement by taking unnecessary risks in order to plump the share price. So it has putsevere restrictions on partners selling shares. Partners who want to leave the bank or cashout will be allowed to sell their shares only to other partners, and only at book value. In thisway the bank s culture will not be corrupted by going public, the thinking goes, andshareholders can be reassured that partners will stay for the long term. | 
