FlexFunds and Funds Society, through their Key Trends Watch initiative, share the vision of María Fernanda Magariños, the newly appointed Executive Director of Investment Management at Sura Investments, a company within Grupo SURA, an investment management firm with 80 years of experience and a presence in Mexico, Colombia, Peru, and Chile, in addition to investment vehicles in the United States and Luxembourg.
A qualified actuary, Magariños is strongly motivated to channel global resources toward Latin America’s sustainable development, bridging economic and social gaps through investment. In her new role, she is responsible for designing investment solutions for pension fund managers, insurance companies, and family offices.
In a challenging and volatile economic environment, her strategy focuses on building long-term, trust-based relationships and ensuring operational excellence—key aspects for institutional clients who must balance profitability and stability when managing third-party assets.
To achieve this, she considers three essential factors: a straightforward client-focused approach, strong talent management to enhance investment strategy execution, and the ability to operate within strict regulatory frameworks without losing flexibility—crucial in maintaining confidence in diverse Latin American markets.
Trends in portfolio and investment vehicle management
Magariños highlights the increasing inclusion of alternative assets in investment strategies. Alternative assets have become an essential diversification tool for institutional investors, who typically manage portfolios with a long-term investment horizon. Traditional assets in Latin American markets do not always offer the depth or returns needed to meet investors’ objectives.
She mentions infrastructure, private debt, and real estate, among the most popular alternative assets. These assets enable greater diversification and contribute to economic development and regional strengthening, adding extra value for investors. In this sense, alternative assets balance risk and return, which is key to meeting institutional clients’ investment profiles.
Another crucial aspect of asset management is the proper selection of investment vehicles. Magariños emphasizes that each client type requires tailored solutions. While insurers may benefit from direct or structured vehicles that optimize capital and reduce regulatory requirements, pension funds find more value in collective investment funds aligned with their operational structures.
The key is not to apply a one-size-fits-all solution but to design customized strategies that balance profitability and risk for efficient and sustainable investment management.
According to Magariños, success in asset management in Latin America depends on a long-term strategic vision centered on client needs and trust-based relationships. The key lies in portfolio diversification, incorporating alternative assets that provide greater stability and returns. Moreover, investment solutions must be flexible and adaptable, with a strong local presence that ensures compliance with regulations without compromising efficiency.
Thus, capital optimization, effective talent management, and the ability to adapt to a constantly changing environment will be fundamental in strengthening asset management in the region, where alternative assets will play a key role in ensuring the growth and sustainability of institutional portfolios.
Which assets will dominate the future?
Looking ahead, María Fernanda identifies a key financial instrument for investors in 2025: private debt. This instrument diversifies portfolios and offers attractive returns in an environment with a limited supply of traditional options. The growing interest in alternative assets also reinforces their role in risk management and returns optimization.
Separately managed accounts (SMA) vs. collective investment vehicles
According to Magariños, separately managed accounts and collective investment vehicles play a crucial role and must coexist in the market. This flexibility allows investment solutions to be tailored to specific investor needs. Sura Investments, for example, offers a wide range of investment solutions, from Latin American alternative assets to third-party funds investing in global assets, adapting to the demands of insurance companies, pension funds, and family offices alike.
When asked about the most important factors investors prioritize when making decisions, Magariños highlights two key elements: the quality of the manager and operational excellence.
Investors increasingly focus on manager profiles, seeking proven experience and a strong track record in investment strategies. In this regard, a firm’s performance is measured not only by returns but also by its ability to deliver efficient operations and timely reporting, which are essential to meeting institutional investors’ regulatory requirements and expectations.
In this context, Magariños underscores the key skills an advisor should have: active listening, effective communication, and a genuine interest in learning. At Sura Investments, these skills are highly valued, as providing expert advisory services to clients is central to their value proposition and a fundamental way to achieve clients’ financial goals.
However, Magariños adds that one must not overlook the advancement of artificial intelligence, which is becoming the new driving force in asset management. AI’s data analysis capabilities have enhanced the personalization of investment solutions and optimized decision-making, enabling the creation of products tailored to client needs making them more competitive and efficient.
The interview was conducted by Emilio Veiga Gil, Executive Vice President of FlexFunds, as part of the Key Trends Watch initiative by FlexFunds and Funds Society.
