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Credicorp Capital to launch Peru's largest equity fund

Credicorp Capital Peru SAA will launch a new stock fund in Peru by the end of May, aiming for it to be the largest equity fund in the country, SEMANAeconómica reported.

The fund will aim to yield more than the MSCI Latin America index, which gave a 24% return last year, and offer exposure to shares of companies in the Andean region of Peru, Chile, Colombia along with the bigger markets of Brazil, Argentina and Mexico, Alfonso Montero, chief investment officer of the company, told the publication.

"We want to bet on sectors not linked only to commodities, but for those that are making the region become a service economy," Montero reportedly said.

Aiming to raise $40 million in 2018, Credicorp will list a mother fund of the operation in Luxembourg to attract an international investment, with feeder funds in Chile, Colombia and Peru.

The Lima-based company is reportedly optimistic about the financial markets in the three Andean countries, due to their economic recovery and favorable political conditions.

In April, Credicorp hired a Latin American equities portfolio manager based in Chile.