Renato Mazzola, a partner at since 2011, will bethe new head for the company's private equity business, replacing MarceloHallack, who is stepping down , ValorEconômico reported.

The management change reportedly follows severalunsuccessful private equity investments, including in bankrupt oil rig producerSete Brasil andretail chain Leader.

BTG recently restructured its private equity area as CarlosFonseca, who was the senior partner responsible for the segment, becameexclusively in charge of real estate investments and was temporarily replacedby Hallack, the publication noted.