Draft:LarrainVial
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LarrainVial
[edit]LarrainVial is a Chilean financial company founded in 1934 by brothers Fernando and Leonidas Larrain Vial. Initially, it focused in stock brokerage and financial advisory, and over time, expanded its services to asset management, fund administration and investment advice both locally and internationally. Currently, the company has operations in Chile, Peru, Colombia, Mexico and the United States, and is one of the main stockbrokers and asset managers in the region.[1]
History
[edit]The history of LarrainVial begins in 1934 with its creation as one of the first stock brokerages in Chile. In 1960, in alliance with the American bank Paine Webber, they began to venture into the purchase and sale of foreign currencies. During the 90s, LarrainVial expanded its international presence, especially with operations on the New York Stock Exchange, and in 1998 they launched their first mutual fund. In the 2000s, the company consolidated its role as a pioneer in the distribution of international financial products, such as its first SICAV fund in Luxembourg. In recent years, LarrainVial has continued its international expansion, with a presence in emerging markets such as Mexico and Central America, and expanding its portfolio with alternative asset and venture capital products.[1]
Business Lines
[edit]LarrainVial operates in various areas within the financial field, including stock brokerage, investment fund management, and financial advice to large net worth individuals. One of its main focuses is the distribution of third-party financial products (DP3), allowing institutional investors to access a wide range of alternative asset products. The company has also developed an important fund management business, with LarrainVial Asset Management and Activos AGF at the head of its management, both in fixed income and alternative funds. Additionally, the company has expanded its presence in markets such as the United States and Mexico, focusing on wealth management and the distribution of international financial products.[1]
Controversies
[edit]LarrainVial has been involved in various controversies in recent years, some of great magnitude that have affected its image and generated judicial investigations and sanctions. One of the most notorious cases was the "Cascades Case", where the company and several of its executives were sanctioned for tax fraud. This case involved irregular financial maneuvers related to the management of companies controlled by Julio Ponce Lerou. The Superintendency of Securities and Insurance (SVS) imposed million-dollar fines on LarrainVial executives, including Leonidas Vial, one of the firm's controllers. Although the sanctions were later partially revoked by the Chilean Supreme Court in 2024, the case severely affected the company's reputation.[2]
Another case that has recently caused controversy is the "Hermosilla Case", where a series of audios were leaked in which lawyers and businessmen discussed bribes and kickbacks related to financial disputes. In these audios, LarrainVial was mentioned in relation to a legal dispute between the firm and a partner of the company. Factop, a factoring company in which LarrainVial was financially involved. The scandal gained public relevance due to the implications of corruption and unethical practices, which led the Prosecutor's Office to investigate the content of the audios.[3]
Furthermore, in January 2024, LarrainVial was the center of another controversy due to a call between a government advisor and a company director, during the debate on the pension reform in Chile. The leak of this information raised suspicions of possible conflicts of interest, since the reform would directly affect pension funds, one of LarrainVial's business areas.[4]
In March 2024, the National Economic Prosecutor's Office (FNE) filed charges against LarrainVial for alleged "interlocking" practices, accusing the company of maintaining directors in several competing entities, which could violate competition rules in the financial market. This case is ongoing, but has raised concerns about the firm's transparency and business practices.[5]
Referencias
[edit]- ^ a b c "LarrainVial, memorias 2022-2023".
- ^ Cárdenas, Leonardo (2024-02-13). ""Nada ni ficticio ni simulado": Tribunal confirma revocación de multa de Leonidas Vial y LarrainVial en caso Cascadas". La Tercera. Retrieved 2024-09-26.
- ^ "Los audios de las coimas: la arista LarrainVial". El Mostrador (in Spanish). 2023-11-16. Retrieved 2024-09-26.
- ^ Vera, Diego (2024-01-15). "Director de Larraín Vial llamó a asesor del Gobierno en plena discusión de reforma de pensiones". BioBioChile - La Red de Prensa Más Grande de Chile (in Spanish). Retrieved 2024-09-26.
- ^ Carrizo, Emiliano (2024-03-27). "La FNE pide sanciones millonarias por interlocking para Juan Hurtado Vicuña, Consorcio y LarrainVial". La Tercera. Retrieved 2024-09-26.