SAO PAULO, May 27 (Reuters) - Brazilian investment bank

BTG Pactual has agreed to buy assets from lender

Banco Master's controller Daniel Vorcaro, it said in a

securities filing on Tuesday, including real estate, stocks and

credit rights.

The deal, which is seen at about 1.5 billion reais ($266

million), was approved by Brazil's central bank and credit

guarantee fund FGC, BTG said, adding that Vorcaro has committed

to make the funds available to financially troubled Master.

Master has grown rapidly in recent years, driven by a

funding model that relies on issuing high-yield debt securities

distributed through investment platforms.

The bank controlled by Vorcaro had agreed in March to sell

some of its assets to state-run lender BRB. But its funding

strategy has come under greater scrutiny amid concerns about the

future of its assets not acquired by BRB.

BTG noted in its filing that it is not purchasing any

stake in Master or its subsidiaries.

The assets which form part of the deal include Vorcaro's

direct or indirect minority stakes in Brazilian listed companies

Meliuz and Light, according to BTG.

($1 = 5.6377 reais)