Acafi expressed its concern about a proposed tax increase on dividends, which could be a major disincentive for investors.

The law would create a regulatory framework for the activities carried out by third parties via the internet, including distribution of mutual funds.

Following the agreement, the manager retains only two local feeder funds that invest in foreign real-estate assets through Brookfield.

Berenberg's Matthias Born expects to land an allocation from the Afore industry before September. Its first approved fund invests in small-cap European equity.

Through an alliance with Banco  Bci, the manager will intensify its distribution to private-banking clients, says Juan Pablo Soffia Moller, JPAM's Chilean MD.