Chile’s Family Office Boom: Beyond Wealth Preservation, A New Era of Professionalized Investment
Chile is witnessing a quiet revolution in wealth management. While not a new phenomenon, the proliferation of family offices – dedicated to managing the substantial fortunes of the country’s wealthiest families – is accelerating, and increasingly, these offices are being run not by family members, but by seasoned financial professionals. This shift isn’t just about safeguarding assets; it’s about deploying capital strategically in a rapidly changing global landscape, and it’s creating a new demand for specialized expertise.
The $100 Million Threshold and the Rise of the Professional Manager
Establishing a family office isn’t a trivial undertaking. Analysts estimate a minimum equity of US$100 million is required to justify the operational costs – costs that include not just a CEO, but a dedicated investment manager and a team of analysts. This financial barrier to entry explains why the sector has largely emerged alongside the growth of wealth generated by Chile’s large business groups. The early days of Chilean family offices, in the 2000s, saw families directly overseeing their investments. Today, the trend is decisively towards outsourcing that responsibility to qualified executives, a testament to the increasing complexity of financial markets and the desire for long-term, sustainable growth.
Key Players: A Look Inside Chile’s Leading Family Offices
Who are the individuals entrusted with managing these vast fortunes? A closer look reveals a network of highly educated professionals, often with advanced degrees from prestigious universities.
Consolidated Investments (Luksic Family)
Andrónico Luksic’s family office, Consolidated Investments, is led by a strong duo: Rodrigo Terré, the president, a civil engineer from the University of Chile, and Rodrigo Swett, the CEO, a commercial engineer from the Adolfo Ibáñez University. Swett’s tenure since 2008, culminating in his appointment as CEO in 2014, demonstrates a commitment to long-term leadership and strategic management of the family’s 8.48% stake in Grupo Quiñenco.
New Altamira (Yarur Arrasate Family)
The Yarur Arrasate family office, New Altamira, benefits from the experience of Ana María Masías, a public accountant with a finance background, who has served as general manager since 2019. Her prior role at Empresas Juan Yarur highlights a deep understanding of the group’s history and operations. According to records, Inversiones Nueva Altamira SpA held a capital of $165,203 million in 2020.
Portoseguro (Matte Family)
Inversiones Portoseguro, the family office of Eliodoro Matte, is now under the direction of José Ignacio Goldack, appointed CEO in April 2023. Goldack brings a strong academic background – a commercial engineering degree from the Universidad de los Andes and an MBA from MIT – alongside experience as a director at Bicecorp and a previous role as finance manager at CMPC.
Odyssey (Piñera Family)
Odyssey, the family office of former President Sebastián Piñera and his family, is currently led by Sebastián Piñera Morel, who serves as CEO and is responsible for the family’s investment strategy. With a commercial engineering degree from the Catholic University and an MBA from Stanford, he embodies the trend of highly qualified professionals taking the helm. The family’s assets were estimated at US$2.9 billion in 2024 by Forbes magazine.
Inversiones Megeve (Solari Donaggio Family)
Julio Dittborn, a commercial engineer from the Catholic University and MBA from the University of Pennsylvania, manages Inversiones Megeve, the family office of the Solari Donaggio family, linked to the Falabella Group. He directs investments in diverse sectors including real estate, mining, infrastructure, and salmon farming, and also serves as a director of the Peruvian company Aenza.
Angelini Investments (Angelini Family)
Patricio Tapia, a civil engineer from the University of Chile, is the general manager of Inversiones Angelini y Cía, Inversiones Nutravalor and SerCor, representing the Angelini family’s interests. With assets exceeding US$28.5 billion (Forbes, 2025), including stakes in Empresas Copec, Abastible, and Arauco, Tapia’s role is pivotal in managing this extensive portfolio. He also holds directorships in Red Megacentro and Novaverde.
PK One Limited (Paulmann Family)
The Paulmann family, founders of Cencosud, now structures its holdings through PK One Limited, a British entity controlling 52.15% of the company. The management of these assets has transitioned to the next generation, with Manfred, Heike, and Peter Paulmann taking on key decision-making roles, moving away from the previous structure of separate Chilean investment companies like Inversiones Quinchamalí.
Beyond Preservation: The Future of Chilean Family Offices
The evolution of Chilean family offices points to several key trends. Firstly, we can expect increased specialization. As wealth grows, offices will likely focus on niche investment areas – venture capital, private equity, sustainable investing – requiring even more specialized expertise. Secondly, the demand for robust risk management and compliance will intensify, driven by increasing regulatory scrutiny and global economic uncertainty. Finally, the integration of technology – AI-powered analytics, blockchain for secure transactions – will become crucial for maintaining a competitive edge. This isn’t simply about managing wealth; it’s about deploying it strategically to shape the future.
The professionalization of family office management in Chile is a microcosm of a global trend. As wealth concentrates, the need for sophisticated, independent expertise will only continue to grow. Campden Wealth provides further insights into global family office trends.
What are your predictions for the future of wealth management in Latin America? Share your thoughts in the comments below!
