Following the Swiss model, Uruguay manages more than US$28 billion in wealth, especially for Argentines
RIO DE JANEIRO, BRAZIL – The Central Bank of Uruguay (BCU) provided information on the 2020 activity data in asset management of investment advisors and asset managers in Uruguay, which, similar to Switzerland in Europe, is characterized by particular stability, predictability, and trustworthiness in a continent that is regularly shaken by extremes.
The data shows that by the end of 2020, US$28.886 billion in client funds were managed from there, invested mainly in mutual funds and fixed income products.
According to the data published by the BCU, in 2020 there were 92 investment advisors and 63 portfolio managers (including advisors in the process of converting their license into a manager’s license), making a total of 155 licenses issued.
In terms of activity, the data show that the assets managed by clients reached US$28.886 billion (which are mainly invested abroad). Of this amount, US$16.416 billion came from Argentine clients, US$2.418 billion from Uruguayan, and US$1.572 billion from Brazilian.
Most customers came from Argentina (18,850), followed by Uruguay (3,710) and Brazil (1,386), according to the Montevideo-based daily El País.
INDIVIDUALS
Of the services rendered, US$15.819 billion was related to the forwarding of orders and US$10.424 billion to discretionary management.
Likewise, the BCU data show the amounts by investment product, with mutual funds standing out with an amount of US$11.886 billion and fixed income products with US$8.510 billion.
Among the products in which more was invested were again “other variable income instruments” (US$2.826 billion), instruments linked to stock market indices (US$1.755 billion), and structured products (US$786 million).
On the other hand, according to the financial statements, income received directly from clients amounted to almost US$40 million, while income received directly from intermediaries was less than US$207 million.
According to the BCU, investment advisors and portfolio managers employed a total of 801 people.
The Central Bank defines investment advisors as “natural or legal persons who advise third parties on the investment, purchase, or sale of money, precious metals or securities offered publicly or privately, or refer their clients’ requests by referring them to intermediaries in the country or abroad.”
Portfolio managers, in turn, are “legal entities that manage the investments of third parties and do not fall under any other person supervised by the Superintendency of Financial Services.”
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