CFA Society Uruguay has successfully driven the adoption of the Asset Manager Code (AMC) locally. The mutual fund company in Uruguay and all defined contribution pension funds, which manage assets worth approximately 30% of GDP, adopted the AMC in 2018. The Society has asked Chief Investment Officers at these funds to share their reasons why and produced an insightful video.
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Barbara Mainzer, CFA, president, CFA Society Uruguay, said: “Uruguay is a small country with a long tradition of trust in the financial system. Having asset management firms that adopt the highest standard of ethics was, to us, a significant milestone to further build on this tradition.”
Board members of CFA Society Uruguay were frequently asked why there was such widespread adoption of the AMC by Uruguayan professional asset managers. In order to share the story, the Society asked the Chief Investment Officers of these companies their reasons for adoption.
Ignacio Azpiroz, CFA, CIO of Union Capital AFAP, explained that, “Clients always come first. It goes hand-in-hand with two of our principles: Business is only good if it is good for our clients and ethics are non-negotiable."
Martin Larzabal, CIO of República AFAP, added that adopting the code was in line with the mandate of the management team to, “Adopt the best standards in the industry and pursue excellence in the management of affiliate's investments.”
Watch the full video below
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