The investment firm, which manages and advises more than USD 21 billion, strengthens its distribution structure with the appointment of the executive, who will lead commercial initiatives for Argentina and Uruguay.
Tracking the Activities of Global Asset Managers in Latin America

The investment firm, which manages and advises more than USD 21 billion, strengthens its distribution structure with the appointment of the executive, who will lead commercial initiatives for Argentina and Uruguay.

"What is coming for the future are strategies more tailored to specific needs or sectors," says HMC's Ricard Morales.

Two of Chile's most experienced executives in the alternatives industry - Matias Eguiguren and Ricardo Morales - explained how the new investment regimen streamlines the handling of committed capital.

AFPs will likely be able to invest between 5% and 15% of their AUM in this asset class. Some distributors, such as Ignacio Montes of Credicorp Capital, had been hoping for sublimits to promote more real-estate and infrastructure investment.

Ricardo Morales, a partner at HMC Capital, believes Kames brings a unique investment outlook to the Chilean market, as well as to HMC, which already reps for Matthews Asia, Neuberger Berman, Man and Bradesco.

Daniel Navajas of Compass Group viewed positively the proposed changes, which include increased access to alternatives, investment in high-yield bond funds and hedge funds, and AFP access to cross-border funds that might have a shareholder owning more than 10%.

Pension Superintendent Tamara Agnic recognized that significant changes to the AFP investment regimen are under consideration. These modifications could potentially result in higher allocations to alternative asset classes, and direct investment by the AFPs in cross-border private-equity funds and REITs.

Mogrovejo is the second former CIO of a regional Sura-owned pension fund to join HMC Itajubá in the last 24 months. The first was Daniel Dancourt, previously CIO of Integra in Peru. Together, they managed approximately USD 50 billion in Sura pension AUM.
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