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Asset Classes:

AM & Pension Trustee

UniónCapital AFAP Becomes First Pension Fund in South America to Comply with the CFA Code

UniónCapital AFAP se convierte en el primer fondo de pensiones de Sudamérica en adoptar el código CFAUniónCapital AFAP Becomes First Pension Fund in South America to Comply with the CFA Code
María Dolores Benavente, and Bjorn Forfagn / Funds Society
  • UnionCapital AFAP, is a pension fund in Uruguay with $2.7 billion in AUM
  • Besides been the first Pension fund, it is the first firm in Uruguay to comply with the code
  • It serves 293,000 clients across Uruguay
By Funds Society

CFA Institute, the global association of investment professionals that sets the standard for professional excellence, has added UnionCapital AFAP to the growing list of asset owners that claim compliance with its Asset Manager Code (AMC). UnionCapital AFAP, a pension fund in Uruguay with $2.7 billion in assets under management – equating to 5% of the GDP of Uruguay – is now one of the more than 1,400 companies around the world that claim compliance with the code.

The AMC clearly outlines the ethical and professional responsibilities of pension funds or firms that manage assets on behalf of their clients. For investors, the code provides a benchmark for the behavior that should be expected from asset managers and offers a higher level of confidence in the firms that adopt the code.

UnionCapital is the first firm in Uruguay to comply with the code and shows leadership commitment to strengthening the capital markets and investment industry in the country by upholding investor-centric values and behaviors. It is also the first pension fund in South America and the second one in Latin America to comply with the code.

“Our investors expect and deserve the best governance and management practices when it comes to their retirement savings,” said Ignacio Azpiroz, CFA, CIO of UnionCapital AFAP. “UnionCapital is recognized in the industry for our high standards, ethics and professionalism, and we’re proud to reinforce this through our adoption of the Asset Manager Code."

The Asset Manager Code is grounded in the ethical principles of CFA Institute and the CFA® Program, and requires that managers commit to the following professional standards:

  • To act in a professional and ethical manner at all times
  • To act for the benefit of clients
  • To act with independence and objectivity
  • To act with skill, competence, and diligence
  • To communicate with clients in a timely and accurate manner
  • To uphold the rules governing capital markets

"Building trust in the investment profession is at the core of the CFA Institute mission, as well as strengthening and ensuring the future vitality of the global financial system,” said Bjorn Forfang, deputy CEO at CFA Institute. “Compliance with the Asset Manager Code demonstrates dedication to raising standards in the financial system in Latin America, and we commend Union Capital, and all firms that have adopted the code, for displaying a resolute and tangible commitment to professional ethics and helping to build a better world for investors."

UnionCapital serves 293,000 clients across Uruguay, and joins more than 1,400 other firms around the world claiming compliance with the Code. The pension fund also complies with the CFA Institute Pension Trustee Code of Conduct.

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