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Red hot Chile prospects

New Star International sales manager James Rushmere says there are major opportunities to invest in South American financials.

Following a recent trip to the region, Rushmere says Chile, Uruguay and Argentina are all providing compelling opportunities for growth due to the increased compliance standards of life companies in area.

He says: “There are some life companies that have solved the issues with dealing into South America in a compliant way. Basing the core of a business in a stable country such as Chile or Uruguay is one of the ways in which this has been done.”

Rushmere also says undertaking due diligence, such as anti-money-laundering, know your customer and other processing documentation on the ground rather than at arm’s length has boosted many life companies based in the area.

A 2006 corruption perception Index, commissioned by global civil society organisation Transparency International, ranked Chile as the least corrupt country in Latin America, followed by Uruguay.

The countries are generally perceived by many investors to be more stable than other states in the region.

Looking further afield, Rushmere identifies Dubai as a financial centre of interest and says its secondary Indian market has strengthened the case for growth. “We think our Indian equity fund will prove popular as expats generally like to put money in home assets,” he says.

On international partnerships, Rushmere says: “If the business is compliant and the volumes and demand adequate, we would pretty much review anywhere.”

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