República AFAP adopts CFA Institute Asset Manager Code

CFA Institute, the global association of investment professionals that sets the standard for professional excellence, has added República AFAP to the growing list of asset managers that claim compliance with its Asset Manager Code. República AFAP, a pension fund manager in Uruguay with nearly $9 billion in assets under management, representing approximately 15% of the country’s GDP, 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. 

República AFAP is the largest asset management 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.

“Since the creation of our pension system in 1996, República AFAP has been committed to offering its members maximum transparency and ethics and professionalism in the management of their savings,” said Martín Larzabal Fuentes, Chief Investment Officer, República AFAP S.A. “The adoption of the CFA Institute Asset Manager Code publicly formalizes this commitment to uphold the highest ethical standards in the industry and always put the interests of investors first.”

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 

"At the core of the CFA Institute mission is building trust in the investment profession, as well as strengthening and ensuring the future vitality of the global financial system,” said Paul Smith, president and CEO at CFA Institute. “Compliance with the Asset Manager Code demonstrates leadership and commitment to raising standards in the financial system in Latin America, and we commend República AFAP, and all firms that have adopted the Code, for showing unwavering commitment to professional ethics and helping to build a better world for investors."

República AFAP serves more than 550,000 clients across Uruguay, and joins more than 1,400 other firms around the world claiming compliance with the Code. The pension fund manager also complies with the CFA Institute Pension Trustee Code of Conduct.