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Spanish bank launches Colombian AM unit in LatAm push

Spanish bank launches Colombian AM unit in LatAm push

Spanish bank Renta 4 has launched an asset management affiliate in Colombia which will offer local mutual funds and international products, Citywire Americas has learned.

The Madrid-based group, which specializes in wealth and asset management services, received authorization from the local Colombian regulator at the start of February to launch the new business.

The Bogotá-based group, named Renta 4 Fiduciaria, is 70% owned by Renta 4 with the remaining capital in the hands of Colombian insurer Global Seguros.

The move sees the firm expand its presence in Latin America and add to its brokerage services in Chile and Peru. The new unit’s investment operations will be led by Carolina Escalante.

Speaking to Citywire Americas, Renta 4 CEO, Juan Luis López said: ‘We intend to launch mutual funds for the Colombian market and then, with our experience running funds for the European and Spanish market, will launch these international products for Latin American investors.’

The Colombian unit’s local offering will include both equity and fixed income funds, added López, with plans for them to distribute some of its Ucits funds which offer more international exposure further down the line.

A number of their Ucits funds are already available in Chile and Peru, among them the Renta 4 SICAV Mila fund.

Among the other Ucits funds the group has on its roster are: mixed assets fund R4 Activa Adagio; Spanish equity fund Renta 4 Bolsa; global bond fund Renta 4 Renta Fija Internacional; and European equity fund Renta 4 Valor Europa.

Target Mexico

The next country on the group's Latin America expansion list is Mexico, said López, as this would allow to complete their coverage of the Mercado Integrado Latinomerica, known as MILA, which cover the markets of Chile, Colombia, Peru and Mexico.

The Mexican project is over the long-term, López adding that his group had not been discouraged by the recent setbacks this market has faced following Donald Trump’s US election win as it still presents good development opportunities. 

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