MARTINEZ DE HOZ & RUEDA (MHR) AND ZANG, BERGEL & VIÑES (ZBV) ACTED IN LANDMARK ASSET MANAGEMENT MERGER
MHR represented Vinci Compass and ZBV represented BACS group in a strategic merger to build one of the largest asset management platforms in Argentina.
Established in 2012, BACS Administradora de Activos S.A. is a leading Argentine manager with a strong focus on corporate and retail clients, managing a diversified product suite across money market and non-money market funds. BACS Administradora de Activos S.A. benefits from close integration with BACS Banco de Crédito y Securitización S.A. and Banco Hipotecario S.A. The transaction brings together Investis Asset Management S.A.S.G.F.C.I. (now renamed Vinci Compass Argentina), Vinci Compass' Argentine asset management business, with BACS Asset Management, which at the end of March 2026 had approximately US$800 million in assets under management ("AuM"), creating a scaled platform with approximately US$1.6 billion in AuM, diversified across money market and non-money market strategies, and a strong presence across corporate, retail and institutional clients.
The deal has been implemented through a complex corporate reorganization at Vinci Compass' Argentine entity level, without any cash component, pursuant to which Vinci Compass will retain the management of the combined asset management platform, while BACS Asset Management shareholders will maintain a meaningful minority ownership interest.
The deal includes an incentive-based earnout mechanism linked to the growth of assets and revenues generated through BACS and Banco Hipotecario's distribution channels, aligning long-term interests and supporting organic growth.
MHR and ZBV played a key role in structuring and executing the transaction. Their work included the design and implementation of the corporate reorganization in a no-cash framework; the negotiation of governance and shareholder arrangements; the structuring of the earnout and incentive mechanisms; and the coordination of regulatory, corporate and contractual aspects. They also helped anticipate execution risks, streamline the process, and ensure a balanced outcome between control and economic participation, in the context of Argentina’s regulatory and macroeconomic environment.
The Transaction is expected to close in the second quarter of 2026, subject to the satisfaction of regulatory requirements and customary closing conditions.
Counsel to Vinci Compass:
Martinez de Hoz & Rueda: Partners Fernando Zoppi, Tomás Dellepiane, Maximiliano Batista and Martin Lepiane, and associates Lucia Perondi Nuñez, Luisina Lucchini, Martin Scapini, Marcos García Morillo.
In-house counsel: Pablo Matsumoto and María Elisa Cimino
Counsel to BACS group:
Zang, Bergel & Viñes: Partners Carolina Zang, María Laura Barbosa, María Angélica Grisolía and associates Francisco Duran, Francisco Vigil, Nadia Dib and Juan Cañete.
In house legal counsel: Solange Spinelli