Aberdeen Standard Investments (ASI) has announced this week that it has signed a partnership agreement with Excel Capital (XLC) to strengthen its presence in the Latam wholesale market, after more than 10 years of “fruitful joint collaboration” in the institutional Latam market.
The asset manager has highlighted in a press release that as a result of this deal, Excel Capital will support its wholesale efforts in Argentina and Uruguay with immediate effect, and Chile, Colombia and Peru, effective October 1st 2021.
With employees in more than 40 locations worldwide, ASI currently manages a total of 629.4 billion dollars of assets on behalf of governments, pension funds, insurers, companies, charities, foundations and individuals across 80 countries (as of 30 June 2021). Its full range of solutions span equities, multi-asset, fixed income, liquidity, sovereign wealth funds, real estate and private markets.
The US Offshore market and the Latam Wholesale markets are covered by ASI´s US Offshore and Latam Wholesale Team led by Menno de Vreeze, split between Miami, New York and Brazil and which has been covering the region for many years. “Indeed, in the last years, the team has been building a great foundation on the Wholesale side in LATAM with signing many agreements and already raising considerable assets”, says the press release.
Launched in 2015, and with clients’ assets of 4,355 million dollars currently invested (as at the end 2020), XLC is a company dedicated to mutual fund distribution private equity placements throughout Latam (ex-Brazil). Over the last years, it has been building a strong Latam Wholesale team, co-led by Jose Tomas Raga and Macarena Leon, and has achieved great success with raising assets for some international asset management companies in Chile, Colombia and Peru.
After announcing opening its Mexican office and starting coverage there earlier this year, XLC has recently announced the hiring of a Senior Managing Director for Argentina and Uruguay, Cristian Reynal, who has a great reputation and experience in the market.
“We are very excited about this new partnership agreement with XLC which comes following a great momentum achieved in the last years in the LATAM wholesale market for us. For that reason, we deem now the time has come to go to the next level and strength our footprint with a local Sales team on the ground to further raise our profile”, commented Menno de Vreeze who is responsible for the US Offshore and Latam Wholesale Market.
In his view, the XLC team has “strong credentials and reputation” in that market, and will work very closely with their US Offshore team in the US to deliver “a world class service” to existing clients and prospects. “Besides, XLC has been already working for many years successfully with us on the institutional side in Latin America with my colleague Linda Cartusciello (Senior Business Development Manager)”, he added.
Meanwhile, Gaston Angelico, Managing Partner of Excel Capital, said that they are “proud” that ASI continues to trust them as their strategic partner in Latam to further develop its asset management business, now giving them the opportunity to work together in the wholesale market, in addition to the already-existing institutional relationship.
“This deeper and stronger partnership with ASI is a core business to XLC, as our strategy is focused on providing highest possible quality sales service to regional clients and investors, direct client support through local teams and offices in each of the countries that we cover, as well as facilitating access to all the best-in-class products that ASI offers”, he concluded.
Lastly, Cristian Reynal, Managing Director of Excel Capital pointed out: “When I learnt we’d be distributing ASI funds, I immediately decided to take the leap. Their well-known brand and wide range of products has been a recipe for success in the territory. As a competitor in the past, I often came across their emerging market debt funds as well as their Asian/Chinese equities’ strategies. I’m glad to be on the same team now!”.
Por Meritxell Sedo