Local analysts believe that the mutual funds of Penta would be rapidly absorbed by the funds of Banchile. However, doubts abound regarding the merger of the two firms' closed-end funds.
Aberdeen deepens global alternatives presence with purchase of US-based boutique
Aberdeen CEO Martin Gilbert (photo) said the purchase "strengthens further our private-market capability by bringing additional Asian expertise and new US resources." The acquisition enhances its multi-manager coverage of hedge funds, property- and private-market allocations, infrastructure and pan-alternative products.
Prudential commits up to USD 620 million for stake in Chile’s AFP Habitat
Habitat is Chile's second largest AFP, with USD 44 billion under management, including USD 17 billion in allocations to cross-border ETFs and mutual funds.
XP Investimentos buys Internet brokerage Clear
The holding company of XP Investimentos announced the acquisition of the Internet brokerage Clear in a transaction estimated at BRL 90 million.
TIAA-CREF buys Nuveen Investments for USD 6.25 billion
TIAA-CREF will add USD 221 billion in assets, bringing its funds under management to about USD 800 billion. Both TIAA-CREF and Nuveen have small positions in the Latin American institutional business, though Nuveen is a much more visible brand in wealth-management circles.
New York Life’s Mexican insurance unit mulls acquisition of local fund manager
New York Life is actually arriving a bit late to the mutual fund arena, since its rivals Allianz and Zurich have already launched third-party fund platforms that can be accessed by their respective producers and financial advisors. New York Life's interest in actually owning an asset manager would, however, elevate the firm beyond simple fund distribution.
It’s official: CorpBanca and Itaú announce deal, enhancing Brazilian firm’s presence in Andean region
The transaction will create the newest Andean banking platform, and catapult Itaú into a region-wide force to be reckoned with throughout Latin America. As a result of the merger, the branch network will consist of 217 branches in Chile and 172 branches in Colombia, all using the Itaú brand name.
Itaú-Corpbanca deal would raise Brazilian firm’s regional profile
Corp's positioning in Colombia is what adds a special interest for Itaú, given that opportunities for expansion in the region have been difficult to come by. Price tags for financial services assets in Mexico, for example, the second largest regional market after Brazil, are relatively high. In Chile, entities are smaller given the country's small size, but opportunities for deals are scarce.