EuroAmérica aims to grow assets under management 14% in 2012

Friday, November 25, 2011

Chilean financial services holding company EuroAmérica is looking to grow assets under management by 14% next year from US$2.3bn, corporate CEO Henry Comber told BNamericas.

EuroAmérica operates stock brokerage, mutual funds, factoring and life insurance units, with the latter representing about 50% of the group's total billing.

Comber said the group's life insurer is expected to grow premiums 10% next year. The company's sales rose 9.3% to 101bn pesos (US$190mn) in January-September compared to the same period 2010, according to official figures, making it the system's 10th largest player.

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Last year, EuroAmérica also entered the corporate finance and fixed income trading for institutional clients markets, which are expected to grow strongly over the next few years, Comber said.

In terms of group earnings, EuroAmérica is fine-tuning its budget for next year, which includes two scenarios: one in which they will grow by 15% compared to this year and another one which considers a possible global recession, where earnings growth should be flat compared to 2011, he said.

Created in 1900, EuroAmérica is controlled by the local Davis family.