Industry actors have shown themselves open to accepting radical changes, apparently in line with the new direction set by the incoming Bachelet administration.
Bruising January for cross-border investments, but local options took a worse beating
February 6, 2014 by
Only two equity funds and ETFs among the 144 which receive allocations from Chilean AFPs ended the first month of the year with a positive return. The worst performing vehicle lost 12% for the month.
CCR Monthly Approval Report – January 2014
January 28, 2014 by
A rundown of the financial instruments approved, rejected and affirmed by the Comisión Clasificadora de Riesgo (CCR). Month of January 2014. New funds from Nuveen, Federated Investors, Axa and BlackRock were added, while two JPMorgan funds were delisted. Four new iShares ETFs also joined the list.
European- and Japanese-equity funds finished 2013 with additional flows from Chilean AFPs
January 23, 2014 by
AFP exposure to these two regions expanded by nearly USD 6 billion in 2013. Top selling products in December were two ETFs of the iShares family. When considering the entire 2013 campaign, mutual funds managed by DWS (Deutsche), Pioneer and Threadneedle led among the European-oriented products, while iShares ETFs took the lion's share of the Japanese action. Full details are available in the attached holdings and flow reports.
Larrain’s institutional distribution area unaffected by brokerage flap
January 13, 2014 by
Distribution of foreign managers’ mutual funds grew in September, October and November, while AUMs of local mutual funds and closed-end funds held steady.
Unified fund law in Chile: On the road to Luxembourg?
January 6, 2014 by
While an exemption for foreign investors from the 35% capital gains tax on remittances is what is what drove interest in the law, other modifications to closed-end fund regulations should widen their appeal among all types of investor groups, both domestically and regionally.
Nevasa HMC seeks additional partnerships with global private-equity managers
January 3, 2014 by
While its main clients are Chilean AFPs, the manager is becoming interested in capital from private and institutional banks in the region, particularly Peru and Colombia. Currently, the firm has raised USD330 million in committed capital for three different funds.
BBVA merger puts Corpbanca’s cross-border partnership in doubt
December 30, 2013 by
Corpbanca's recently formed agreement with Spanish-owned March Gestión de Fondos, which would have introduced the latter's products - or at least advisory skills - to the institutional market in Latin America - would appear to be in doubt in light of the proposed deal with BBVA.
CCR Monthly Approval Report – December 2013
December 26, 2013 by
A rundown of the financial instruments approved, rejected and affirmed by the Comisión Clasificadora de Riesgo. Month of December 2013. Goldman Sachs got another two products listed: Global Strategic Income Bond Portfolio and Global US Real Estate Balanced Portfolio.
AFPs are also looking favorably at unified fund law
December 23, 2013 by
The elimination of capital-gains taxes on some local vehicles could encourage more foreign participation, contributing to more liquidity in types of products that are heavily dependent on AFP investment.
