The chairman of Chilean pension fund AFP Capital, Andrés Castro, has resigned from the Sura Asset Management-owned firm.
Castro will step down at the end of April due to personal reasons, AFP Capital said in a press release Thursday.
An industry veteran, Castro has seen the firm through a number of mergers and consolidations, which ultimately resulted in him leading AFP Capital.
He spent 18 years in Grupo Santander, where he served as general manager of pension fund AFP Bansander.
Grupo Santander later sold its operations, including AFP Bansander, to ING in 2007, which in turn sold its assets to SURA Asset Management in 2011.
Castro served as chief executive and executive president of SURA Asset Management in Latin America from 2011 to 2016, and as chairman of AFP Capital following the acquisition of the ING assets.
According to a spokeswoman for Sura Asset Management, the firm has yet to appoint a replacement.
Castro leaves AFP Capital as debate rages in Chile over the future of the country’s private pension system.
Proposed legislation would bump required contributions from 10% of pre-tax income to 15% and would let the government, not the AFPs, run at least part of the increase in funds.