Panama Sovereign Fund CIO to Step Down | Chief Investment Officer

Abdiel Santiago

Abdiel Santiago, secretary of the Fondo de Ahorro de Panamá, the sovereign wealth fund of Panama, will step down from his position on December 4, the fund announced Friday.

The departure of Santiago, whose position is equivalent to that of CEO and CIO, is part of a planned transition, according to a statement from the fund. Santiago has accepted a position in asset management outside of Panama and plans to remain an unpaid strategic adviser to the fund, according to the announcement; Santiago has not replied to inquiries about his new position.

“It has been an honor to serve Panama through the FAP and its contributions to the country,” Santiago said in a statement. “I am deeply grateful for the trust the Board placed in me and proud of the team and the progress we have achieved together. FAP is in a strong position to continue fulfilling its mission of preserving and growing the nation’s savings and to respond robustly to potential natural disasters.”

Under Santiago’s tenure, beginning in 2013, assets of the fund grew to $3.1 billion from $1.2 billion.

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The sovereign fund was created in 2012 with the objectives of establishing a long-term savings mechanism for the country, as well as establishing a stabilization mechanism in the case of natural disasters and economic slowdowns.

“On behalf of the Board of Directors, we thank Abdiel for his leadership and significant contributions,” said Mario R. Amaya, Chair of the board of the fund, in a statement. “His work as the first Secretary was decisive in laying FAP’s institutional foundations, strengthening our investment frameworks, and safeguarding Panama’s intergenerational savings.”

The fund’s board is expected to name an interim secretary shortly, according to the fund’s statement. It is also engaging with executive search firms to launch a global search to find a permanent successor.