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Chile's AFP Provida opens alternative investment unit

Chile-based AFP Provida SA has opened a new unit focused on alternative investments and has brought in a specialist from a local manager to head it.

The launch of the alternative investment unit seeks to seize opportunities following a 2017 reform that expanded the access of pension funds to alternative funds.

Carmen Concha, previously the head of research for Chile at Moneda Asset Management SA, will lead the unit.

The management of alternative investments was formerly led by Andrés García, who became head of equity in 2017. Following García's transfer to a new role, AFP Provida split his old position, with Patricio Muñoz de LarrainVial named as head of strategy and Concha tapped as alternative leader.

AFP Provida said it will also hire an analyst for the new unit.