The fortune that former President Sebastián Piñera kept in custody during his second non-consecutive term fell 0.36 percentreported Bancard, the firm that manages his interests.
The 72-year-old billionaire transferred his investments to a blind trust – managed by three private administrators – before assuming power again in 2018, in an attempt to ensure that he would not seek to increase his wealth during his four years as President of the country.
“On the occasion of the termination of the Special Securities Portfolio Administration Mandates without Information to the Principal that this company maintained in force with the administrators ALTIS SA General Administrator of Funds; BTG Pactual Chile SA General Administrator of Funds and Coin SA General Administrator of Funds, has received the corresponding final account renderings,” Bancard said in a statement collected economic news portal DF MORE.
“The aforementioned renditions show that the consolidated return of the mandates was -0.36 percent for the entire period (annualized real rate)Piñera’s office added.
According to the firm, the investments contained in the received portfolio were decided and acquired by the respective administrators, in accordance with the provisions of the “Special Mandates for Securities Portfolio Management without Information to the Principal” and in the provisions of the Law and its regulation.
“As of this date, the securities and funds received will be managed as part of a global and diversified strategy. Investment decisions will consider environmental, social and good corporate governance (ESG) criteria, as well as the promotion of innovation and entrepreneurship,” Bancard added.
The amount managed by the trusts was 396,000 million pesosequivalent to about 501 million dollars.
TRUST IN BTG FELL 9.5 PERCENT
According to Bancard, the mandate given to the AGF of BTG Pactual Chile had a drop of 9.5 percent in the last four yearsalthough he did not specify the results of the rest of the fortune in the hands of ALTIS and Moneda.
“The investments contained in the received portfolio were decided and acquired by the administrator, as established by the Law and its regulations, without information or intervention from the principal,” he said.