Chile’s Financial Market Commission (CMF) has decreed the liquidation of the redeemable investment and mutual funds managed by Sartor Administradora General de Fondos S.A. and appointed Toesca S.A. Administradora General de Fondos as liquidator, with the transfer to take place once Sartor funds’ audited financial statements as of 31 December 2024 are submitted to the CMF. The decision follows reports from Sartor’s CMF-appointed liquidator and independent valuation work by PricewaterhouseCoopers and Deloitte indicating at least 47% deterioration in the funds’ asset values, with fund-by-fund estimates ranging from 47% to 85% and subject to change as accounting work is incorporated. In response, the CMF has instructed Sartor AGF to reprocess unit values reported since 1 August 2024 using end-2024 figures. The liquidation mandate assigned to Toesca AGF covers ten named funds plus the Sartor Leasing Investment Fund already under liquidation, and includes a 36-month workplan focused on distributions of available liquid assets, portfolio monitoring and debt recovery strategies, and regular reporting to both the CMF and contributors, followed by a competitive-sale process for remaining instruments, with possible 12-month extensions per fund subject to CMF approval. The CMF plans to publish, in the coming days, the estimated impact of the asset deterioration on each fund’s equity net of liabilities once the audited financial statements as of 31 December 2024 are provided.

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