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Chile regulator approves raft of Asian, European and US funds

Chile regulator approves raft of Asian, European and US funds

The Chilean regulator has approved a wide range of equity and bond funds for investment by the country’s pension funds in its latest report.

The approved list from the Comisión Clasificadora de Riesgo (CCR) included US and Asian equity funds, as well as US and Euro bond funds, and a thematic fund.

The CCR is the regulator which rates and approves the instruments Chile’s six AFP pension giants are able to invest in.

In total 17 mutual funds were approved for inclusion on the CCR’s list in March, two from local asset managers and the rest from international groups. The two local mutual funds are Credicorp Capital Deuda Corporative LatAm Investment Grade and Latam Corporate Investment Grade.

Among the international players, the biggest winner of the inclusion process is Manulife Asset Management who had eight funds approved. The regulator also approved six ETFs, five of which are BlackRock iShares.

The CCR also opened up a new avenue of potential revenue for the AFP’s direct investment team after authorizing stocks that are issued or traded on the Taiwan Stock Exchange.

The mutual funds it has approved are as follow:

Fund NameFund manager
AXA Rosenberg US Equity AlphaN/A
HSBC Euro LiquidityN/A
HSBC GIF Global Corporate Bond Mohamed Siddeeq
Manulife American GrowthEmory Sanders (Citywire +)
Manulife Asian EquityKenglin Tan
Manulife Asian Small Cap EquityLinda Csellak
Manulife Dragon GrowthKai Kong Chay
Manulife Global EquityPaul Boyne
Manulife HealthcareMindy Perry
Manulife India EquityMarco Giubin
Manulife US BondHoward Greene (Citywire +)
Nordea 1 – US Corporate BondLou Cohen
UBAM EM Investment Grade Corporate BondDenis Girault
UBAM Convertibles Euro 10-40Jean-Edouard Reymond
UBAM Convertibles EuropeJean-Edouard Reymond

The ETFs the CCR has approved are as follow:

  • iShares MSCI Global Gold Miners ETF
  • iShares 0-5 Year High Yield Corporate Bond ETF
  • iShares 0-5 Year Investment Grade Corporate Bond ETF
  • iShares Edge MSCI Multifactor USA ETF
  • iShares Global Consumer Discretionary ETF
  • WisdomTree International LargeCap Dividend Fund

The regulator also removed a number of funds from its approved list for failing to meet its inclusion criteria:

  • BTG Pactual Global Optimization Fondo de Inversión (falling below $20m in AUM)
  • BCI de Negocios Dólar Latam Investment Grade
  • Lazard Thematic Global Fund (concentrated ownership)
  • Legg Mason QS MV European Equity Growth and Income (falling below $100 million in AUM)
  • Pioneer Core European Equity (merged into other strategy)

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