The changes to the pension system that the Government is proposing through the pension reform little by little begin to generate expectations regarding the possible interest of local and international actors dedicated to asset management in entering this business under the scheme of Investors of Private Pensions (IPP), figure created with the reform.
Hence the importance of the meeting held on October 26 by two of the top executives of the Spanish asset manager Altamar Partners Chile and its parent company, AltamarCAM, with officials from the Superintendency of Pensions, to address the pension reform, according to the regulator’s lobbying website.
The meeting was attended by the founding partners of the manager, Claudio Aguirre, president and co-CEO of AltamarCAM Partners, and José Luis Molina, Co-CEO and Co-CIO of Altamar Private Equity.
The Supervisor, Marcela Gana, and the head of the Financial Division, Sergio Aratangy, attended for the regulator.
According to the lobby site of the Superintendency of Pensions, the issues discussed were the “processing, approval, modification, repeal or rejection of agreements, statements or decisions of the National Congress or its members, including commissions.”
Although last year, Aguirre had shown his concern about the situation in Chile within the framework of the constituent process, Altamar would be the first relevant international manager to show interest in knowing details of the pension proposal, which, among other objectives, aims to lower the entry barriers favoring the entry of actors.
Consulted by DF, the firm did not provide further details of the meeting.
Relationship with LarraiVial
Altamar landed in Chile in 2012 at the hands of LarrainVial through a commercial and property agreement. The local AGF distributes its investment vehicles and has a 10% ownership stake in the Spanish firm.
A year ago Altamar merged with the German administrator CAM Partners. Now, it manages a total wealth of US$17 billion, one of the 10 largest alternative asset managers in Europe.
Currently, the AGF of local LarrainVial manages the LV Alternatives Program fund and recently launched the “LarrainVial AltamarCAM Real Estate Spain” fund with which they intend to raise US$ 62 million.
Another of the links with Chile is that one of the main executives of Altamar, Ignacio Antoñanzas, was CEO of Enersis, one of the main energy companies that was sold to the Enel group in 2015. That year he arrived as managing partner and is a founding partner of Altamar Infrastructures.
Likewise, Fernando Larraín, president and partner of LarrainVial, also participates in the AltamarCAM Board of Directors.