NEWARK, N.J.–(BUSINESS WIRE)–PGIM has entered into a partnership with Banchile Administradora General de Fondos S.A. (“Banchile AGF”), one of the largest asset managers in Chile. The partnership will provide local investors in Chile access to a number of PGIM Investments’ UCITS funds as well as direct real estate strategies through PGIM Real Estate. This agreement significantly expands PGIM’s presence in the region as it continues its global growth.
“With PGIM we share many attributes, including reputational strength in the institutional marketplace, and a consistent focus on solutions to meet our clients’ needs, and we are also confident that we will share success in this new initiative”
PGIM is the global investment management business of U.S.-based Prudential Financial, Inc (PFI*)(NYSE: PRU) – the 9th largest asset manager globally with over $1trillion in assets under management as of March 31, 20181. PGIM Investments is the global manufacturer and fund distributor of PGIM. PGIM Real Estate is the real estate investment business of PGIM.
The agreement with Banchile AGF, whose distribution covers the pension fund, private bank, family office and insurance company markets, represents an opportunity for local investors in Chile to take advantage of PGIM’s diversified suite of actively managed investment solutions across a broad spectrum of asset classes and investment styles.
“With PGIM we share many attributes, including reputational strength in the institutional marketplace, and a consistent focus on solutions to meet our clients’ needs, and we are also confident that we will share success in this new initiative,” said Eduardo Beffermann, Banchile AGF Chief Investment Officer.
“This expansion will further enhance our global presence beyond Europe and Asia into another key region for investors,” said, Stuart Parker, PGIM Investments President and Chief Executive Officer. “We are committed to making our strategies more accessible to investors around the world and this agreement between two experienced asset managers gives investors access to a broader range of investment opportunities in one of the most important markets in the region.”
PGIM aims to provide investment solutions for newer opportunities that have emerged from the recent regulatory changes in Chile. With an increased allowance for pension funds for high yield and emerging markets debt instruments, the firm’s fixed income manager, PGIM Fixed Income, can offer experience and expertise in these strategies to meet investor demand.
“Banchile is the ideal partner for this move into Latin America,” said Kimberly LaPointe, Executive Vice President and Head of Global Accounts for PGIM Investments. “Latin America, and particularly Chile, offers significant potential as one of the largest and most attractive fund markets in the region. We continue to monitor the market, keeping an eye on strategic opportunities to further expand our reach through relationships with financial institutions like Banchile.”
Expanding its distribution capabilities across Latin America is a key business objective for PGIM Real Estate. With professionals in 18 cities globally, and gross assets under management of $69.6 billion (USD$50.3 billion net) as of March 31, 2018, the agreement enables Banchile’s clients access to PGIM Real Estate’s broad range of real estate equity, debt, and securities capabilities that span the risk/return spectrum.
Alfonso Munk, Americas Chief Investment Officer and Head of Latin America for PGIM Real Estate, added, “PGIM Real Estate is looking forward to the opportunity to partner with Banchile and its clients. We have a longstanding, active presence as an investor across several Latin America markets, including Chile, and we are pleased to be able to introduce our global capabilities to Chilean investors through Banchile.”
About PGIM Funds
PGIM Funds plc is an Ireland-domiciled UCITS umbrella fund serving institutional and wholesale investors across the globe. PGIM Funds plc has country registrations in the United Kingdom, Germany, the Netherlands, Norway, Denmark, Finland, Sweden, France, Luxembourg, Spain, Italy and Taiwan. PGIM Funds plc is also offered to institutional investors only in Singapore and Switzerland. For a full list of funds available in your region, please visit pgimfunds.com.
About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.6 billion ($50.3 billion net) as of March 31, 2018. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt and securities investment strategies that span the risk/return spectrum. For more information, visit pgimrealestate.com.
About PGIM and PFI
With 15 consecutive years of positive third-party institutional net flows, PGIM, the global asset management business of PFI. (NYSE: PRU), ranks among the top 10 largest asset managers in the world with more than $1 trillion in assets under management as of 31 March 2018.
PGIM’s businesses offer a range of investment solutions around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents. For more information, please visit pgim.com.
* PFI of the United States is not affiliated in any manner with Prudential plc, a company headquartered in the United Kingdom.
1Pensions & Investments: Largest Money Manager list, May 2017, data as of 12/31/2016.