Gold ETFs will likely be approved for Chilean AFP investment in the first half of 2020, said pension superintendent Osvaldo Macías.

The Chilean subsidiary of the giant Brazilian group already has distribution agreements with the firms Evli, Reliance Singapore, Solar Capital Partners, Audax, Mobius Capital and Krane Funds.

The anti-establishment fervor in Chile makes it nearly impossible to imagine increased withholdings heading to the AFP system.

Jorge Llano Salamanca of private pension association Asofondos, argues that Colombia is hampered by problems in the public pension sector, which he views as unsustainable.

New Capital is the mutual fund arm of EFG Asset Management, a global investment manager with both a Dublin and Luxembourg range of funds.