The recently launched asset management trade body of Peru has welcomed two more local firms to its ranks, leaving just one more local group left to complete its roster.
Promoinvest and AdCap Management Perú are the newest members of the Asociación de Administradoras de Fondos Mutuos (AAFM), which is now made up of seven of the eight local asset management groups operating in the Peruvian market. Diviso is the only local firm yet to sign up to the association.
PromoInvest currently has two equity funds, Promoinvest Fondo Selectivo and Promoinvest Incasol.
AdCap Asset Management is part of the AdCap group which has a presence in Argentina, Uruguay, Colombia, Peru and the US.
The association was launched at the end of March and was initially founded by five local asset managers: BBVA Asset Management, Continental, Credicorp Capital, Fondos Sura, Interfondos and Scotia Fondos.
The association aims to disseminate the benefits of mutual funds, promote financial education, seek self-regulation and improve industry standards within the Peruvian market.