December 27, 2024 - The Board of the Financial Market Commission (CMF) agreed to name Ricardo Budinich Diez as liquidator of general fund manager Sartor.

Budinich, who shall assume his functions next January 6, 2025, holds a degree in industrial civil engineering from the University of Chile and has a long professional career. As well as being a director of firms, Budinich has held positions at the Financial Committee of the Ministry of Finance; the Board of the Central Bank of Chile, where he worked as an advisor; and vigilance committees of various investment funds.

On December 19, 2024, the Board of the Commission revoked Sartor's authorization of existence and appointed CMF official Fernando Pérez Jiménez as the firm's liquidator. During his term as liquidator, Pérez, alongside a team of CMF staff, carried out the proper functions to manage the entity given its current situation. They recorded a complete overview of investments made by Sartor's funds with the aim of safeguarding their contributors' interests.

The rationale to appoint an external liquidator is spearheading a potential long-term wind-up process, as well as the importance of CMF staff returning to their everyday work.