BTG Pactual, the Brazilian investment bank, has managed to secure the highest valuation for an emerging market investment bank yesterday with the sale of an 18.65% stake in the company to a group of international investors.

The company sold a 18.65% stake for $1.8bn to a consortium that included Singapore Investment Corporation, China Investment Corporation, Ontario Teachers' Pension Plan Board, Abu Dhabi Investment Council, JC Flowers & Co, RIT Capital Partners and Lord Rothschild's family interests.