Bruchou advises on sale of TPCG Group and Southern Trust
Bruchou & Funes de Rioja has advised the shareholders of UK-based TPCG Group, owner of TPCG Valores (Argentina) and TPCG Financial Services Agente de Valores (Uruguay), and the shareholders of Southern Trust (Argentina), on the sale of 100% of the shares of TPCG Group and Southern Trust to Aniter and Consultatio Asset Management Gerente de Fondos de Inversión, respectively.
The transaction involved the sale of the largest institutional brokerage business in Argentina, thus forming one of the largest independent non-bank financial services groups in both Argentina and Uruguay with strong regional projection. The law firm Cibils Labougle Ibañez advised the acquiring entities, both controlled by Mr. Eduardo F. Costantini.
TPCG is the main reference in the secondary trading of assets in Argentina and Uruguay for foreign institutional investors. It leads the segment of institutional investors and large local companies. Founded in 2012, Southern Trust specialises in asset management for institutional clients, companies and high-income individuals.
Consultatio Financial Services is the financial and portfolio management arm of Consultatio Group, with more than 30 years of experience in local and international markets. That same leadership extends to the Wealth Management division, which provides a wide range of personal portfolio management and advisory services.
Bruchou’s team was led by partner Estanislao H. Olmos (pictured) and was supported by senior associate Franca Stafforini, and associates Macarena Rolón and María Bourdieu, as well as the participation of Daniela Rey, partner in charge of tax matters, and Florencia Funes de Rioja, partner in charge of the labour practice. Estanislao H. Olmos has been advising the now sellers since 2017, and led the reorganisation of TPCG’s business, through the incorporation of the UK holding company, TPCG Group Ltd, which was completed in August 2019.
Cibil Labougle Ibañez’s team was led by partner Joaquin Ibañez, and was supported by senior associate Pamela Peralta Ramos, and associate Dominique Freysselinard; as well as partner Mario H. Antelo (on labour matters) and Pablo J. Cozzi (on regulatory and antitrust matters).
The sellers were supported by Jorge Álvarez de la Viesca, legal manager of TPCG and Southern Trust, and were represented in the UK by Lewis Silkin, led by partner Sam Pennington. The buyer was advised by Mills & Reeve, led by partner Thilo Schneider and associate Liam Closey.
One of the selling shareholders was advised by Saravia Frías Abogados, led by partner Miguel Francisco Bóo.
