Central Bank Orders Liquidation of Ex–Reag Trust as CBSF Points to Planner Takeover

Overview

• Brazil’s central bank decreed the extrajudicial liquidation of CBSF DTVM, formerly Reag Trust, on Jan. 15.
• In a response to the securities regulator, CBSF said it has no corporate or operational ties to the DTVM after a December segregation and a Jan. 5 transfer of the fiduciary portfolio to B100, the holding company of Planner.
• The portfolio sale excluded the DTVM entity, indicating a commercial migration of client mandates to the new structure still must be executed.
• A legal expert told G1 that fund assets remain segregated while a liquidator arranges a transfer to another administrator and that transactions can be temporarily frozen, with the firm classified by the central bank as S4 for low systemic risk.
• The liquidation follows August federal operations probing alleged links between crime and finance and an STF order formalizing founder João Carlos Mansur’s inclusion in investigations, while some large vehicles such as the R$19.9 billion Solid FIP were moved to new administrators in November.