Financial Diary – Santiago
In 2024, the Spanish bank Renta 4 decided to expand its presence in Chile by incorporating two new areas to its operations: wealth management and corporate finance.
The business director for Latin America of Renta 4, Joan Gili, highlighted with DF the growth of its wealth management team, which doubled its number of advisors (six to 12 people) to meet the growing local demand for this service.
“The average wealth of our clients has risen considerably, which requires more sophisticated advice,” he stated.
Regarding operations in Chile, stressed that the wealth management area manages more than US$300 million in assets under administrationwith expectations of accelerated growth, especially in the mutual fund business.
In addition, Gili acknowledged that the area of corporate finance is in an earlier phase in the country, focused on the construction of infrastructure.
The executive added that in March 2024, Renta 4 acquired 100% of Sigrun Partners, a Spanish independent investment bank, which allowed him to form a team of 40 analysts dedicated to this area.
In addition, he explained that the entity hired three financial analysis specialists, one in Peru, another in Colombia and one in Chile, the countries in the region where it operates. to begin hedging international fixed income.
According to Gili, the bank expects this market in Chile to begin to show significant growth from 2025. Likewise, revealed that the country will represent more than 5% of Renta 4’s global results towards the end of the year.
Regarding the behavior of the Chilean stock market, he indicated that although some stocks have not had the expected performance, other papers have exceeded expectations. Renta 4 projects that the Ipsa will be around 7,500 points in 2025.
Although the performance of the local stock market has been far from that of Wall Street, he assured that Chile continues to be one of the most attractive markets for investment in the region. “Without a doubt, it continues to be one of the most attractive countries, thanks to its institutions,” said.
Mexico on the horizon
In addition to Chile, one of Renta 4’s objectives is to continue expanding in Latin America. Gili announced that the firm is analyzing its entry into Mexico, initially through a stock brokerage, with the possibility of exploring other businesses in the future.
