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Banchile manager set to exit for BTG Pactual Chile

Banchile manager set to exit for BTG Pactual Chile

Hugo Aravena, a strategy manager at Banchile Inversiones is set to leave after four years with the firm to join BTG Pactual Chile, Citywire Americas has learned.

His last day at Banchile, where he worked as an assistant manager for international equities strategy and alternative assets, was May 19. Banchile is in the process of finding a replacement for Aravena, a person with knowledge of the matter said.

He is set to join BTG Pactual on June 1 where it is understood he will be a director of portfolio solutions and asset allocation in the wealth management division. The Chilean wealth unit runs $4.8 billion for high net worth individuals, families and institutions in Chile, according to BTG Pactual's website. 

Aravena had recently moved from Banchile Inversiones’ brokerage unit to the separately managed accounts team within the firm’s asset manager arm, which runs a total of $12.5 billion in assets. This internal move was linked to Banchile's plan to double its $900 million discretionary business over the next two years as the firm has attracted more clients who want to diversify their portfolios.

Aravena's exit comes shortly after the departure of international equity fund Dirk Mengers, who joined pension fund AFP Provida from Banchile earlier this month.

BTG Pactual has suffered its own changes in recent months. In February, the firm's executive director of wealth management Aixa Rojas left and joined Chile's Grupo Security

In April, director of wealth management Katherine Boragk also left the firm after six years to join local boutique Toesca Asset Management as director of strategy.

Toesca's founder, Alejandro Reyes, was an ex-BTG Pactual Chile executive and partner.

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