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S&P Global Ratings affirmed its "AMP-1" (Very Strong) classification on LarrainVial Asset Management Administradora General de Fondos S.A. (LVAM).
According to S&P, the classification reflects "LVAM's strong business profile, good competitive position as one of the main asset managers of investment and mutual funds in Chile, broad client and product diversification, experienced management team, and clear corporate strategy".
S&P also noted that "we also base the classification on the company's robust operations and controls, well-structured investment management process, very strong risk management capabilities, and sound fiduciary principles. During the next 12 months, we expect LVAM to continue expanding its business, focusing on product innovation, and strengthening international alliances, despite the highly competitive environment from both asset managers in financial groups and independent institutions".
LVAM is the asset management business unit of Larrain Vial SpA (not rated), "one of the largest financial services companies in Chile that participates in investment banking, brokerage, and asset management".
The press release from Standard & Poor's is available here.