In accordance with decrees in force, the Minister of Finance can commend the management of the funds to the Central Bank of Chile, as well as External Managers, in compliance with investment guidelines established by the Ministry of Finance.

Currently, all the resources of the ESSF are managed by the Central Bank of Chile. In the case of the PRF, the Central Bank of Chile manages the part of the fund that is invested in sovereign fixed income and the rest of the resources are managed by private institutions.

Each asset class in which the funds are externally managed is entrusted to two different asset managers. This is done with the view to diversifying and being able to compare between them.  In the case of Corporate Bonds, it is managed solely by UBS Asset Management Inc, following the exit of Credit Suisse in December 2022. High Yield Bonds are managed by Black Rock Institutional Trust Company and Nomura Asset Management. U.S Agency MBS are managed by Western Asset Management Company and BNP Paribas Asset Management. Finally, the equity portfolio is managed by UBS Asset Management Inc. and Mellon Investments Corporation.