UnionCapital adopts CFA Institute Asset Manager Code
The first pension fund in Uruguay and South America to comply
New York City, United States 05 Mar 2018
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. (View the full list.) The pension fund also complies with the CFA Institute Pension Trustee Code of Conduct.
CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion of ethical behavior in investment markets and a respected source of knowledge in the global financial community. Our aim is to create an environment where investors’ interests come first, markets function at their best, and economies grow. There are more than 150,000 CFA® charterholders worldwide in 165+ countries and regions. CFA Institute has eight offices worldwide and there are 151 local member societies. For more information, visit www.cfainstitute.org or follow us on Twitter at @CFAInstitute and on Facebook.com/CFAInstitute.