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, the Central Bank of Chile manages the part of the funds 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 a view to diversifying and being able to compare between them. In the case of U.S. Agency MBS, it is managed solely by BNP Paribas Asset Management, following the exit of Western Asset Management Company in September 2024. High Yield Bonds are managed by Black Rock Institutional Trust Company and Nomura Asset Management. The Corporate Bonds are managed by UBS Asset Management Inc. and BlackRock Institutional Trust Company. Finally, the equity portfolio is managed by UBS Asset Management Inc. and Mellon Investments Corporation.