Team size: 22 

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? 

In-house lawyers must adopt a proactive approach to managing legal aspects during periods of instability, rather than a reactive or passive one. Rather than being caught off guard by crises, we anticipate potential challenges and proactively develop a crisis management framework in advance. We prioritise training and equipping our legal team with the necessary skills and knowledge to respond effectively and seize opportunities. 

Close collaboration across all teams within the organisation, particularly with Human Resources, is essential to enhance skills such as adaptability, agility, decision-making, creativity, innovation, resilience, and teamwork among our legal professionals. Additionally, providing training ensures that our lawyers become business oriented and possess a deep understanding of client needs and the products offered, enabling them to anticipate challenges and detect opportunities. By adapting this approach in SURA Investments, lawyers actively participate in designing the company’s strategy and are involved throughout the lifecycle of each project. As a result, lawyers are valued as strategic partners rather than mere advisors. 

Once a crisis unfolds, our legal strategy shifts to engaging regulators directly or through industry associations, maintaining open dialogue with stakeholders, and advocating for necessary regulatory adjustments. Ensuring robust corporate governance is crucial; therefore, a key objective of the legal team is to design a framework that operates effectively in both stable periods and times of crisis. Additionally, it’s essential for lawyers to actively participate in strategic planning during these periods to mitigate reputation risks and combat misinformation. 

While crises are often perceived negatively, they can present opportunities for innovation and adaptation within the asset management industry. For instance, geopolitical uncertainty in the region has prompted asset managers to innovate by introducing new investment options aimed at safeguarding client assets. 

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

I Provided legal advice in the merger of SURA Investment Management (investment management arm of SURA Asset Management) and SURA Inversiones (wealth management line of business) to create a unified investment platform in Latin America for individuals, companies and institutions. 

In addition, I participated in the set-up of a UCITS in Luxembourg in 2020, with SURA Investments serving as the investment manager, and launched 5 sub-funds in 2024 focusing on traditional assets. 

I provided legal advice for the closing of a private debt fund “FCP SURA- Deuda Privada Corporativa” that provides financing to Colombia companies (January 2024) 

I also provided legal advice for the closing of the fund “FCP DEUDA INFRAESTRUCTURA II SURA – CREDICORP CAPITAL” that provides financing to toll-roads and airports projects under the 4G and 5G infrastructure programs in Colombia (2021 and subsequent compartments in 2023) 

Finally, I provided legal advice for the creation of the Wealth Partners platform for independent advisors for SURA Investments in Chile (2024). 

In your opinion, what are the main trends that are salient in your country currently? 

With the rise of populist governments in the region, a significant trend currently revolves around the reform discussions concerning pension systems. These discussions have profound implications for the asset management industry and the stability of capital markets. Asset managers are dealing with not only a decrease in assets under management but also with a reduction of their commissions, intensified by misinformation campaigns that tarnish their reputation. While reforms to the pension system are deemed necessary by pension managers themselves, many of these reforms also pose substantial risks to the sustainability of the system and the economy. Consequently, there is a notable trend within the asset management industry towards adopting technology and revisiting business models to improve efficiency and cut costs. Technologies such as data processing tools and AI-driven robo-advisory services are becoming an important trend. 

Additionally, another significant trend is the growing preference among investors to integrate sustainable investing practices into their investment strategies. This shift is mainly driven by regulatory requirements imposed on certain institutional investors.