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Chile approves new emerging market strategies

Chile approves new emerging market strategies

Chile’s risk regulator has expanded the number of emerging market funds available to the country’s AFPs with the addition of funds from asset managers Investec and Morgan Stanley.

In the latest monthly report of the Comisión Clasificadora de Riesgo (CCR), the agency that greenlights the funds the country’s AFPs can invest in, a mix of six funds were added, including two emerging market strategies from Investec that were launched within the last two years. One focuses on Chinese equity and the other on Latin American debt.

The latter, the Investec GSF LatAm Investment Grade Corporate Debt fund, was launched in May on the back of demand from AFPs wishing to invest in the sector but without exposure to high yield. Chile's pension funds can only invest a limited amount of their total assets in high yield.

An Indian equity fund run by Morgan Stanley’s Ruchir Sharma also got a green light from the regulator as interest in Asia continues to grow.

The six funds approved this month are: 

Fund name Manager
Investec GSF All China equity fund Greg Kunhert (Citywire A)
Investec GSF Latin American Investment Grade Corporate Debt Tomas Venezian, Matthew Claeson
JPM Europe Dynamic (ex-UK) Fund John Baker, Blake Crawford (Citywire +), Jonathan Ingram (Citywire +)
Lord Abbett High Yield Fund Steven F. Rocco (Citywire +), Robert A. Lee (Citywire +)
Morgan Stanley Global Infrastructure Fund Ted Bigman, Matt King
Morgan Stanley Investment Funds- Indian Equity Ruchir Sharma (Citywire AA)

 

The regulator also removed several funds from its list. It approved a request from Parvest to drop its Parvest Equity Asia Pacific ex-Japan fund, as well as the Parvest World Emerging Corporate bond which, according to the CCR, has been absorbed into another fund.

It also struck off three Investec strategies for being ‘too concentrated’ in an asset, and therefore failing to meet the regulator's requirements for inclusion. Those funds include the Investec Emerging Markets Local Currency Debt Fund, Investec Target Return Fund and the Investec Asia Pacific equity fund.

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