UCITS funds domiciled in Ireland have been disapproved for general investment by the Chilean pensions regulator.
The Comisión Clasificadora de Riesgo is responsible for establishing approval procedures for investment funds for Chilean pension fund investment.
This means Irish-domiciled funds are subject to stricter investment conditions as they are now restricted investments, according to the rules. It is believed that around $6 billion in Chilean pension assets are invested in Irish UCITS funds.
Gary Palmer from IFIA
Irish funds have been downgraded from general to restricted investment for failing to comply with pension regulations which state that the rating of the country in which the fund, its manager or holding company should have a registered A rating.
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