New competitors will evolve but these too may be Brazilian in origin. Plural Capital is emerging as a competitor in the BTG Pactual mould – unsurprising perhaps as it is led by two former BTG partners, Rodolfo Riechart and Andre Schwarz, and recently announced the recruitment of fellow BTG colleagues Evandro Pereira and Pedro Guimaraes. Plural's acquisition of Banco Modal, fell through in November but it is planning to buy another small bank to provide it with a banking licence and it is also understood to be looking to acquire a Brazilian brokerage operation; all of this makes Plural a start-up competitor with the pedigree and the ambition to watch. Meanwhile BR Partners' acquisition of Banco Porto Seguro is set to make that brazil's newest bank by the beginning of 2012.