Asset manager Nuveen has pulled 11 equity and bond funds from the master list of vehicles Chilean pension funds can invest in.
In its monthly report, the Comision Calificadora de Riesgo (CCR) said it had accepted a request by Nuveen to remove a number of its funds from the approved list.
The CCR is the regulator that rates and greenlights the instruments that Chile's six pension giants are able to invest in.
Chicago-based Nuveen introduced 15 funds to Chile in February 2014. Two months later, Nuveen agreed to be bought out by TIAA-CREF for about $6 billion.
A Nuveen source speaking on background said the partial retreat from Chile is due to internal streamlining as part of the acquisition.
In some cases, funds have been pulled from markets to avoid duplication between Nuveen and TIAA-CREF offerings, the source said.
Nuveen currently has $700 million in assets under management with the Chilean pension funds.
A spokeswoman for Nuveen said the firm plans to keep its presence in Chile and Latin America.
'While we evaluate our product offerings around the globe on an ongoing basis, we continue to offer a strong platform of products and solutions to our clients in Chile and the Andean region, given our focus on this very important market,' a spokeswoman for Nuveen said.
Here are the Nuveen funds pulled from the CCR's list:
- Core Bond Fund
- Core Plus Bond Fund
- Dividend Value Fund
- High Income Bond Fund
- Inflation Protected Securities Fund
- Large Cap Growth Opportunities Fund
- Mid Cap Growth Opportunities Fund
- Strategic Income Fund
- Winslow Large Cap Growth Fund
- Symphony Credit Opportunities Fund
- Preferred Securities Fund
The CCR also accepted a request to take four Highland Capital funds off its list, including a senior loan ETF and an equity healthcare fund. Representatives for the firm weren't available for comment.
Two BlueBay Asset Management funds, the Emerging Market Local Currency Bond Fund and the Investment Grade Libor Fund, lost the regulator’s approval because ownership was ‘concentrated,’ according to the report. The CCR bans a single investor from holding more than 25% of a fund, a spokesperson for the agency said.
Franklin Templeton’s US Total Return Fund also dropped from the list because the fund was absorbed into another vehicle.
The Chilean regulator also approved a raft of vehicles, including BNP Paribas funds targeting Japan and Europe.
Here’s the full list of the newly approved funds:
|AXA WF Framlington Human Capital||Jean-Marc Maringe|
|AXA WF Global Income Generation||Andrew Etherington|
|BNP Paribas Easy - JPM EMBI Global Diversified Composite||n/a|
|BNP Paribas Easy - JPM GBI EMU||n/a|
|BNP Paribas Easy - MSCI Europe ex Controversial Weapons||n/a|
|BNP Paribas Easy - MSCI Japan ex Controversial Weapons||n/a|
|Forum One - Latin American Corporate Credit Investment Grade||n/a|
|Polen Capital Focus U.S. Growth Fund||Dan Davidowitz, Damon Ficklin|
|Wellington Emerging Local Debt Fund||James Valone, Evan J. Ouellette, Michael T. Henry|
|Wellington Global Credit Plus Fund||Louis Chabrier, Joe Ramos|