Total assets under management at the end of March increased by 41.81% over the same month of the previous year, stated Fernando Osorio, Secretary General of the AAFM.

International platforms played a "crucial role" in attracting high-net-worth and private banking investors, reflecting a growing search for portfolio diversification, noted Isabella Nunes, responsible for investor relations at JP Morgan AM.

The industry association took part in the process led by the CMF to adapt the regulations, which obliges fund managers to adapt their systems and have them operational by December 1, 2025.

The investment regime, including alternative assets, should be operational on July 1 together with start-up of the pension reform.

Returns for a pensioner could drop by an estimated 12%.