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Credicorp takes over LatAm distribution for State Street from BTG

Credicorp takes over LatAm distribution for State Street from BTG

Asset manager and ETF provider State Street Global Advisors has announced a distribution deal with Credicorp Capital, which will promote the firm’s SPDR ETFs to institutional investors in Chile, Peru and Colombia.

State Street is the latest investment house to move away from the third-party distribution arm of BTG Pactual after the exit of some key players. In July former client Columbia Threadneedle took on its own distribution efforts by opening an office in Chile. Aberdeen Asset Management, Aviva Investors and Henderson Global Investors also cut their ties to do business with a trio that left BTG to launch Excel Capital in February.

The US firm initially distributed its SPDR ETFs through Celfin Capital in March 2011, which was acquired by BTG Pactual in 2012.

The partnership between Andean financial services provider Credicorp and State Street became effective in September 2016.

‘Latin America is a strategically important market to the SPDR business and we are pleased to enhance our resources for clients throughout the Andean region,’ said Nick Good, co-head of the Global SPDR business at State Street Global Advisors.

Alejandro Perez Reyes, head of asset management at Credicorp Capital, said:  ‘The Global SPDR business is the unquestioned ETF leader for institutional investors and we look forward to delivering enhanced resources to our clients across the region.

Credicorp Capital has offices in Peru, Chile, and Colombia and manages $8.9 billion in assets and advises over an additional $8.2 billion

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