2023-12-04 17:04:57
Common Investment Funds (FCI) are an increasingly used tool for people to place their surplus money.
In recent years, they had exponential growth; and three years ago, in the midst of the pandemic, the Bank of Córdoba (Bancor) joined this phenomenon with its first fund, from the Champaquí family.
Bancor Fondos is one of the two FCI administrators in Córdoba (the other is a private non-banking company) and is part of the 56 managing companies in the Argentine market.
It was established in 2018, and in 2020 it launched the first immediate liquidity instrument, as explained in the entity’s first triple impact report.
The company is made up of 10 professionals, led by Ana Balestre as president. The report highlights that women occupy half of the positions and two of three board positions.
Managed funds
With the development of digital tools, the use of funds for liquidity management and savings multiplied several times. Along these lines, the funds managed by Champaquí increased thanks to the greater number of clients, especially in the individual segment.
As of October 2023, it had a total of $91.629 million, doubling the amount at the end of 2022. In line with the entire industry, more than half of the funds are transactional.
The Champaquí family is made up of seven funds. In 2020 they started with the most liquid ones: Immediate (money market) and Ahorro Pesos (T+1, 24 hours), and then other more complex ones were added. The last one, Renta Futura (medium-term fixed income) was launched in 2023.
The offer is completed with: Immediate Plus, Hedging (in pesos, to keep up with inflation), Strategic (which seeks coverage for the variation in the official exchange rate; composed, for the most part, of linked and synthetic dollar instruments) and Abierto Pymes (for institutional clients, who invest in SME assets of the CNV).
For 2024 and 2025, the intention is to add Variable Income (local, Latin American, global shares and indices), Sustainable ESG, Renta Pesos, Renta Plus and Renta Dollar, the first two next year. In any case, Bancor Fondos emphasizes that this trajectory will depend on the new regulations of the CNV following the change of management on December 10.
The Champaquí Sustainable ESG Fund (environmental, social and governance criteria) is one of the priorities within the framework of the province’s sustainable finance program. It will be focused on investment projects with an impact on any of these topics, taking into account that profits are not the only objective.
Increase in the number of people
In the last three years, 41,559 client accounts were opened and more than 24,500 clients operated for the first time. Of these, 13 thousand were added in 2023.
In 2023, we went from 6,498 active clients (those who have positive balances in the month) to 15,194 at the end of October. Almost half of the users are women and the age distribution is quite fragmented, with a greater presence in the 35 to 54 year old range.
This year, the focus was on the incorporation of individuals, which went from representing 78% last year to 84%. 13% are companies and 3% institutions. In terms of amount, people only participate with 8% in the first 10 months of 2023, but it represents double the previous year.
By 2024, the objective is to focus development among the bank’s current clients (more than one million), to reach 100,000 users of Champaquí funds. Among them, Bancor employees have a high use of funds: 46% are investors.
“The National Securities Commission (CNV) authorized the operation of minors in Common Investment Funds. Virtual wallets offer the possibility of operating 24/7, and that is what we are going towards with Banco Fondos for the individual segment,” states the entity’s action plan.
In fact, being able to operate every day, at all hours (24/7 mode), including holidays and weekends, is a competitive advantage that wallets offer. On the other hand, in banks the FCIs operate only during market hours. Making this more flexible is a technological development that bank administrators might develop to retain funds from people who have an account in the bank, but transfer their balances to wallets.
Focus on the province
Regional distribution is also a Bancor differential that Champaquí is taking advantage of. In 2023, 30% of active clients and 24% of managed funds correspond to the Córdoba capital area.
The rest is distributed throughout the province, with greater participation in Villa María, San Francisco and Jesús María.
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