How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience?  

It is key to take each day one at a time, focusing on managing short-term goals and striving to achieve even a small objective by the end of each day. Making quick decisions is essential; gather information and advice, but do not delay your decisions. Additionally, our legal strategy must take into consideration that we manage third-party funds, which imposes fiduciary duties of care and loyalty towards our investors. Above all, this means prioritising their interests as your primary concern. 

What are the main cases or transactions that you have been involved in recently? 

In April, we launched the Fondo Centenario Ahorro Indexado, a mutual fund designed to provide real returns in pesos, thereby offering a means of saving in local currency. Its portfolio consists of securities denominated in pesos and Unidades Indexadas (CPI-adjusted pesos). The fund primarily invests in public sector securities, which ensures liquidity, while also allocating a smaller portion to investment-grade private sector issuers, allowing the fund to benefit from higher yields. This is a one-of-a-kind fund in Uruguay, addressing the shortage of investment opportunities in CPI-adjusted pesos. 

What do you see as the major legal challenges for businesses in Uruguay over the next five years, and how are you preparing to address them? 

In terms of global trends, I would highlight the rise of AI and cybersecurity as major risks that need to be addressed. Locally, and in relation to VALO’s business in financial markets, I believe that individual consumers will increasingly demand compensation for their excess cash. The higher interest rates have raised opportunity costs, prompting us to broaden our offering of retail financial products through instruments such as the Fondos Centenario.