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Friday, April 5 de 2019

The Financial Committee meets with representatives from Allianz and the Central Bank of Chile

The Financial Committee of Sovereign Wealth Funds (FC) had its second session of the year on Wednesday April 3rd. In this opportunity, FC members met with delegations from the Central Bank of Chile and Allianz Global Investors, responsible for investing part of the Sovereign Wealth Funds.

Allianz, one of the Pension Reserve Fund corporate bond portfolio managers, provided an overview of the firm, the investment strategy and staff, outlook for the global economy, and its performance in 2018 and the first quarter of 2019. The Central Bank of Chile, responsible for managing the entire sovereign bond portfolio in both Sovereign Wealth Funds, reported last year’s performance, main exposures in both funds, and the main conclusions of a review carried out on the custody services. FC’s members thanked both delegations for their visit and indicated their satisfaction with their results and with the review’s conclusions on the custodian bank.

The FC agreed with the recommendations made by its Technical Secretariat on the necessary stages to implement in Real Estate mandate and the fixed income portfolio currency overlay program. Both initiatives are part of the new Pension Reserve Fund investment policy approved by the Finance Minister in November 2017.

Finally, FC’s members analyzed the main results of both Sovereign Wealth Funds giving special emphasis on High Yield Bonds and US Agency MBS results, taking into account that the Pension Reserve Fund began investing in those asset classes on January 22nd, 2019.

The FC—an external, independent committee—is made up of the following six experienced professionals and experts: Jose De Gregorio (Chairman), Cristian Eyzaguirre (Vice Chair), Ricardo Budinich, Jaime Casassus, Martín Costabal and Paulina Yazigi.

 

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