BTG Pactual Chile has named Felipe Cárcamo, a former Santander Asset Management Chile distribution manager, as a new director of third-party international fund distribution in a bid to build that business up again.
Cárcamo was the manager for Santander Asset Management Chile’s for the division in charge of distributing the firm's funds to the corporate segment, which caters primarily to larger international firms.
His new role in BTG falls under the firm’s third-party distribution unit, part of the sales and trading division, according to a spokesman for the firm. Cárcamo is set to start on June 5.
His hiring ‘seeks to strengthen Chile’s third-party distribution commercial team in preparation for BTG's planned expansion of that area, which will be completed in the following weeks with the signing of new agreements with different managers,’ a spokesman for BTG said.
At the moment, BTG distributes only Credit Suisse funds in Chile, Ignacio Pedrosa, head of distribution for Latin America except Brazil, told Citywire Americas.
The firm's Chile third-party distribution business has dwindled over the last few years from its 2015 line-up of Credit Suisse, Aviva Investors, Henderson GI, State Street, Aberdeen AM and Columbia Threadneedle.
In September 2015, Gastón Angélico and Felipe Monardez, two former BTG executives, left the firm to set up their own third-party distributor, Excel Capital.
They later signed Aberdeen AM, Aviva Investors and Henderson Global Investors, whose funds they used to distribute at BTG, as Excel's clients.
Columbia Threadneedle set up its own office in Santiago in July 2016 to distribute its funds to the Andean region.
Cárcamo will be the only sales director in the third-party distribution unit but BTG plans to add senior and junior staff to that team, a spokesman for the firm said.
Prior to BTG and Santander Asset Management, Cárcamo worked at Chilean firm Capital Advisors, where he distributed funds by US-based firm Dimensional Fund Advisors, according to his LinkedIn profile. He also worked at one of Chile’s six pension funds, AFP Habitat, as a senior funds analyst.
Spokeswomen for Santander Asset Management declined to say whether the firm had replaced Cárcamo saying the company doesn't comment on hirings or exits.