Brazilian investment banking firm BTG Pactual is reportedly planning to set up an asset management arm in Mexico by recruiting 20 new staff.

As part of the plan, BTG has hired two staff and plans to recruit more, with other additions coming in investment banking, wealth management and credit analysis, Javier Artigas, head of the BTG’s Mexico unit told Bloomberg.

"We expect to increase our presence in Argentina and Mexico, with more of a niche presence in Argentina, focusing on commodities and financial products, and a full-fledged presence in Mexico," said BTG’s CEO Andre Esteves.

An acquisition in Mexico of an asset- or wealth-management company, an investment bank or some combination of those businesses "is always a possibility," he added.

Artigas said that the asset management arm seeks to expand the firm’s local fixed- income and equity funds.

In March last year, BTG Pactual launched its broker-dealer in Mexico, which now employs 30 staff.

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Artigas added that the bank is also planning to expand its broker-dealer business and has invested over $1m on technology to develop a platform that will also serve high-frequency traders.

"We use the Brazilian balance sheet to lend, and we are aiming to increase our $150m exposure to Mexican companies," Artigas said.