The financial meganegocio in gestation: Currency Asset Management negotiates an alliance with Brazilian giant

Amenaza con ser el gran negocio financiero del año. Los socios de Moneda Asset Management negocian desde hace semanas una posible alianza con el gestor de fondos brasileño Patria Investment, dijeron a Pulso dos personas que conocen las tratativas, en una operación que podría terminar en una venta de la gestora chilena o en una fusión entre ambos operadores.

Currency Asset Management is one of the greatest Chilean actors, with more than 25 years of experience and has assets under administration that exceed US $ 8.9 billion.He has ten partners - among the main ones are Pablo Echeverría, Fernando Tisné and Juan Luis Rivera - and their investment focus is put into investment funds in Latin America.

Patria Investment, meanwhile, is a Brazilian manager specialized in Private Equity, Infrastructure, Real Estate and credits, with assets under administration that as of June 30 totaled US $ 15,800 million.The company made an IPO this year and raised about US $ 600 million, so it has liquidity to expand in the region.

Aunque los de Moneda Asset y Patria Investment son negocios distintos, diversas fuentes afirman que sus carteras de negocios son complementarias y que una integración -ya sea vía adquisición o fusión- generaría un actor de peso en la región. Para el grupo brasileño, en cuya propiedad participa otro actor internacional de tamaño global, como Blackstone, su incursión en Moneda permitiría ampliar su radio de acción.

In his presentations to investors following his issuance of shares in the United States, Patria detailed part of the businesses that he intended to develop: new products, with special focus on Limited Partners International and Brazilians, especially in the management of private Wealth and Retail customers, one of the currency strengths.For actors in the financial market, an integration would convey to both parties.

Las negociaciones vienen desde hace semanas, pero se han intensificado en los últimos días, dijeron fuentes cercanas a las tratativas. Patria ya cuenta con dos estudios de abogados trabajando en el negocio: Carey y Cia., en Chile, y Simpson Tacher & Bartlett, en Nueva York. A esa ciudad de Estados Unidos se habrían trasladado las conversaciones esta semana, revelaron a Pulso dos fuentes.

There is one of the coin partners, Fernando Tisné.Juan Luis Rivera also, who runs the currency office from New York.Coincidentally, in that city was also this week the lawyer Pablo Guerrero, partner of Barros Errázuriz, a study that has worked before with currency.Guerrero was director of the General Mint Administrator.

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None of the parties wanted to comment for this article.

While a source ensures that currency partners are willing to sell their participation in the manager, others ensure that Deal's goal is a fusion.

This is not the first time that currency partners try an alliance with great international actors.In 2015, currency hired the Golman Sachs investment bank to evaluate “the possible incorporation of an international strategic partner that contributes to strengthening the internationalization of the currency client base”.

The activation of this process was aimed at buying 25% that was in the hands of two minority coin partners: financial consortium and businessman Raimundo Valenzuela.However, this participation ended up being acquired by the other currency partners.

Founded in 1993. Currency Asset Management is one of the greatest actors of the General Funds Administration.This industry counts 44 actors, according to the Association of Companies of the Sector, Acafi, with investment funds for US $ 28,858 million as of September 30, 2020: currency has 20.8% of that total.

The Chilean company has ten executive partners and its president is Pablo Echeverría, founding partner.In his property are also Fernando Tisné, Juan Luis Rivera, Alfredo Reyes, Alfonso Duval, Alejandro Olea, Javier Montero, Vicente Bertrand, Esteban Jadresic and Ezequiel Camus.

If a sale materializes, it would already be the third major financial company to be absorbed by international actors, after the purchase of IM Trust by the Peruvian Credicorp and Celfin by the Brazilian BTG Pactual.

After the publication of this article, in a statement to currency employees, its president Pablo Echeverría did not confirm or denied the information, which he described as an "unconfirmed rumor.""Currency is always analyzing growth opportunities and alliances such as the distribution of Carlyle's funds in Chile and recently the distribution of GSI's funds, which invest in alternative assets in Chile," Echeverría wrote in his internal message.And he continued: “We have done this for more than 25 years with the sole purpose of adding value to our customers through distributing complementary products to which currency currently manages in Latin America.Thus generating a better service and greater points of contact with our customers. ”