• The start-up of this new firm is subject to obtaining due authorization from the respective authorities in both Colombia and Luxembourg.
• The Company is gradually becoming a major player within its respective industry, since it is one of the few Latin American Asset Managers that has been granted this type of license.
SURA Asset Management, through its subsidiary in Chile, has established a new private equity firm (SICAV in Spanish) for handling investments in funds domiciled in Luxembourg. This investment vehicle shall be operated by SURA Investment Management, a subsidiary of SURA Asset Management and an expert player in providing its asset management services to institutional clients. Subsequent to its incorporation, this new equity firm (SICAV) must obtain due authorization to function as an UCIT (Undertaking for Collective Investment in Transferable Securities) from the corresponding regulatory authority, which in this case is the Commission de Surveillance du Secteur Financier ("CSSF"), this in order to commence operations.
The SICAV, as this type of vehicle is known in Spanish, is a company that invests and / or manages financial products from one or more jurisdictions and from which investors acquire ownership interests as a way to invest in said products. Its characteristics make it an excellent investment instrument for large global investors, specifically in terms of its flexibility and breadth, thereby enhancing SURA Investment Management's strategy on the international markets.
“For SURA Asset Management and its business development strategy, this is a very important milestone since it places the Company on the same footing as the more important global asset management firms, while reinforcing our value proposition and underscoring the highest standards with which SURA manages its operations ” stated Ignacio Calle, CEO of SURA Asset Management.
With this vehicle, domiciled in Luxembourg, SURA Investment Management is strengthening and extending its international scale, by enabling international clients to access this investment platform, specially focused on Latin America, thanks to the knowledge and experience that the Company has accumulated throughout the region.
In this regard, Pablo Sprenger, CEO of SURA Investment Management added: “With this new vehicle we shall be making further headway with our growth objectives. We shall be providing ready access to our international clients, mainly in Europe and Asia. With each new step in this direction we shall be evidencing our operating muscle as a global asset manager, that is to say our superior corporate governance standards, the quality of our investment processes and our highly qualified human talent".
This vehicle is strengthening SURA Investment Management's credentials for building a sustainable line of business with our asset management capabilities while positioning the Company as a global benchmark throughout the region, where it also plays a leading role in driving sustainable investment having espoused the PRI (Principles for Responsible Investment) since 2019.
Incorporating this type of investment vehicle is a rigorous process. In the case of SURA Investment Management, this has taken several months in which the Company has demonstrated its capabilities as an investment player, which are well grounded in its corporate governance function and human talent.
About SURA Investment Management
SURA Investment Management is a subsidiary of SURA Asset Management dedicated to providing its asset and investment management services for the institutional segment. Our knowledge and extended presence in several Latin American countries, well-articulated via a regional platform, makes us an optimum investment vehicle for connecting up the region with global markets.
We create solutions especially tailored to our clients, for the purpose of driving their competitiveness, through various funds and investment mandates in equity and fixed income securities, multi-asset, insurance, mandates, alternative assets, among others. We have built up a regional platform with scalable operating models and the highest standards in portfolio management and CRM engagement with our institutional clients.
About SURA Asset Management
SURA Asset Management is an expert player in the Latin American pension, savings and investment industries present in Chile, Mexico Colombia, Peru, El Salvador and Uruguay. Being a subsidiary of Grupo SURA, it also has several minority shareholders. At year-end 2019, the Company held a total of USD 148.0 trillion in assets under management belonging to 20.5 million clients throughout the region.
* Client and AUM data include AFP Proteccion in Colombia and AFP Crecer in El Salvador, where SURA AM holds a significant but not a controlling stake.