Chilean boutique Toesca Asset Management is setting its sights on expanding its business beyond its borders by targeting international clients in Europe.
The move follows the addition in late December of former BTG Pactual Chile executive Alejandro Montero as a Toesca partner and board member.
Montero has been living in Paris since 2016 and Citywire Americas understands Toesca plans to leverage his presence in Europe and work on making the Toesca brand known outside of Chile, particularly among institutional clients.
It is also understood that Montero plans to travel to Chile for a week each month to hold unspecified management responsibilities.
Toesca focuses solely on asset management and runs funds investing in local Chilean and international assets, as well as mandates. It’s not yet clear what products or services the firm plans to offer to international clients.
Montero’s relationship with Toesca can be traced back to his links to the firm’s founder Alejandro Reyes. The two men were partners of Celfin Capital, a Chilean firm of which he was a partner that sold to BTG Pactual in 2012.
After the acquisition, Montero served as BTG Pactual Chile’s CEO and as co-CEO of the Brazilian firm’s regional operations, leaving the firm in 2016. Reyes also left BTG Pactual in 2016, founding Toesca in September of that year.
Reyes then recruited a raft of ex-BTG Pactual executives and employees to his new firm, with Montero being the last to join.
Montero’s recruitment and Toesca’s expansion plans emerged shortly after the firm launched four funds of funds investing in Ucits, its first foray into the international fund market. Katherine Boragk, a former BTG Pactual wealth management director, runs these vehicles.
Toesca launched its first funds in December 2016 and has since grown its range to 14 vehicles.
In July, Toesca acquired the brokerage business of GBM, Mexico’s largest broker-dealer by flows, to sell its own products.