Sura’s brokerage arm expects to begin operations in Chile early in the second half of this year and is now finalizing staffing of its team. Renzo Vercelli, who will be heading the brokerage house, has appointed Juan Pablo Valdés, former managing director of Celfin Wealth Management, as commercial manager, and Daniel Rojas, from Bice Investments as operations manager, as reported by Economía y Negocios.
Last June 3rd , Sura received approval from the Stock Exchange to operate as a broker, but is now waiting to receive approval from the “Superintendencia de Valores y Seguros de Chile (SVS)” (Superintendence of Securities and Insurance).
The hiring of Valdes and Rojas follow Paul Matter’s appointment as CIO, Head of Research, and Trading Desk. Mr. Matter comes from BBVA’s intermediary in Chile.
“We’re aiming for widespread access to savings through investment in shares... In Chile there is still much potential in transactions based on our countries’ GDP. Beyond the financial situation of the companies’ profits, shares as an investment instrument should double or triple their trading volume if we are to reach the standards of the developed countries,” said Andrés Errazuriz, vice president of Wealth Management of Sura in Chile.
The intermediary will begin offering only equity transactions, but within a year would be operating all investment instruments and could initially offer its services to about 10,000 Sura clients who, to date are interested in investing directly in the stock market.