About Us

Who we are

LarrainVial Asset Management is a division of LarrainVial, one of Latin America's leading financial institutions. LarrainVial Asset Management currently has a team of around 90 professionals who manage about USD 7 billion in assets through mutual funds, investment funds and portfolio management.

Mission: To provide excellent quality asset management services for private individuals, companies and institutions.
Vision: To be recognized as an expert and leader in Latin American asset management.

About LarrainVial Asset Management Sicav

In 2011, LarrainVial Asset Management became the first fund manager in the Andean Region to domicile its funds in Luxembourg by forming LarrainVial Asset Management SICAV, an investment company with variable capital, with its own legal personality, subject to Part I of the December 20, 2002 law on Collective Investment Institutions (UCITs), and overseen by Luxembourg's Commission de Surveillance du Secteur Financier (CSSF).

LarrainVial Asset Management fulfills the role of promoting ana managing these funds’ investments. Its responsibilities include product design and launch, business management, and definition and implementation of the portfolio investment strategy and its composition, all under the control of its teams based in Santiago, Chile.

Between 2011, when LarrainVial Asset Management SICAV started operations, and June 2015, it received the strategic support of Banque de Luxembourg and its fund management subsidiary Conventum Asset Management. This close relationship of trust helped to start operations and develop the LarrainVial Asset Management SICAV business over the course of four years.

However, in November 2014, and considering that LarrainVial Asset Management SICAV’s growth plans involved new challenges, it opened its doors to Banque de Luxembourg and other competitors to receive updated proposals on their services and the advantages of their brands to select an alternative that was the most competitive and at the same time up to the requirements of future projects.

In 2015, Lemanik Asset Management (LAM) was selected as the Managing Company, BNP Paribas Securities Services (BNPPSS) as Depository, custodian and Administrator and KPMG as financial auditor to ensure that the transition was duly supported and validated.

In 2022, due to new needs on the part of LarrainVial Asset Management SICAV, EY took over as financial auditor and in the same way, in 2023 JP Morgan SE was chosen as the funds’ new Depositary, Custodian, Administrator and Transfer Agent.

Lemanik Asset Management

Lemanik Asset Management was founded in Luxembourg in 1993 and has a team of 70 professionals serving over 40 clients. Independently owned, it has USD 30 billion in assets under management from 220 funds distributed in over 26 countries.

As our SICAV funds’ management company, Lemanik Asset Management will be responsible for the following duties:

• Managing the SICAV.
• Undertaking compliance and risk management processes.
• Transaction registration and accounting.
• Calculation of the quota value.
• Flow of contributions and withdrawals.
• Acting as secretary of the Board of Trustees.
• Preparation and submission of reports to the local regulator (CSSF).

Lemanik is also responsible for control and compliance, having appointed Sandrine Formica as Compliance Officer for LarrainVial Asset Management SICAV and its sub-funds. LarrainVial Asset Management SICAV is audited annually by KPMG and as already mentioned, is subject to the oversight of the Commission de Surveillance du Secteur Financier, Luxembourg’s financial regulatory authority.

JP Morgan SE

J.P. Morgan was the first commercial bank to enter the global custody business in 1974 and is considered as a leader in the business. The firm operates in over 100 markets with an experienced and top tier network of sub-custodians. Their operating model consists in a “follow the sun model” with operations and client service coverage in all regions. This operating model allows J.P Morgan to have a comprehensive local client expertise.

For its part, JP Morgan SE acts as Depositary. Under European law, the Depositary is more than just a Custodian. It plays a subsidiary role of monitoring and compliance regarding the other actors involved, ensuring that the funds’ investments comply with the legal requirements and internal regulations.

JP Morgan SE also acts as Administrator and Transfer Agent, taking care of administrative responsibilities.

As Depositary, Custodian, Administrator and Transfer Agent, JP Morgan SE will be responsible for the following functions:

• Accounting and valuation of the funds.
• Validation of contributions, redemptions and documentation of participants.
• Custody of corporate instruments and events.
• Oversight of the different areas involved in the funds to protect participants.

EY

Founded in 1989, it is a multinational company and one of the world’s leading professional services firms, including auditing, taxes, finance and accounting, among others.

Ey’s purpose is to build a better business world. The perspectives and quality services it provides help to create trust in capital markets and economies around the world.

As LarrainVial Asset Management SICAV’s financial auditor, EY has the following responsibilities:

• To identify and assess the risks of significant distortion of financial statements due to fraud or error.
• To understand the relevant internal controls for the audit without giving an opinion on their effectiveness.
• To assess accounting policies and estimates with the Board of Directors.
• To conclude whether there is uncertainty regarding the Fund’s capacity to continue operating.
• To evaluate the presentation and content of financial statements to ensure fair representation.

Board

The LarrainVial Asset Management SICAV Board of Directors is composed of the following LarrainVial Asset Management executives:

• José Manuel Silva Cerda
• Ladislao Larraín Vergara
• Jaime Oliveira Sánchez-Moliní
• Álvaro Ignacio Muñoz Nuñez

We receive legal and compliance advice from the law firm Arendt & Medernach in Luxembourg. It should be noted that LarrainVial Asset Management SICAV participates as a member of the Association of the Luxembourg Fund Industry (ALFI).

LarrainVial Asset Management SICAV currently has five funds:

• LarrainVial Asset Management SICAV – Small & Mid Cap Latin American Equity Fund
• LarrainVial Asset Management SICAV – Latin American Corporate Debt Fund
• LarrainVial Asset Management SICAV – Latin American Equity Fund
• LarrainVial Asset Management SICAV – Total Return Latam Bond Fund
• LarrainVial Asset Management SICAV – Gavekal Latam Local Currency Debt Fund

These funds are not just distributed in Luxembourg, but also Switzerland, Spain, the United Kingdom, Germany, Austria, Italy and Chile.

LarrainVial Asset Management’s SICAV funds can also be acquired through international platforms such as Pershing or Allfunds Bank.

This structure allows the involvement of Peruvian, Colombian and European institutional investors in the fund manager's different strategies.

While from the legal perspective LarrainVial Asset Management’s role regarding its SICAV funds is limited to managing the portfolio and promoting the funds, the truth is that the same risk management and compliance processes apply as with the rest of its products. That is, new levels of responsibility and oversight are added to the oversight structure of all Luxembourg funds.