Afitrading

Afitrading

Afitrading launched in 1997 as an independent alternative to traditional private banking, building its base from Santiago, Chile. Cristian Muñoz Ungerer remains the founding partner and general manager, overseeing a team of seven professionals that the firm says has served more than 400 clients over 25 years. The firm operates as a multi-family office, meaning it aggregates the capital of numerous families — none of whom are publicly named — rather than managing a single fortune. The origins of its initial client capital are not disclosed. Investment decisions run through Director of Investments Sergio Rivero Campos, whose team constructs portfolios designed around tax efficiency, risk mitigation, and multi-generational planning. Afitrading's own materials emphasize a mix of liquid public-market instruments and private-market assets, including an allocation to locally domiciled funds. One known vehicle is Inmobiliaria e Inversiones AF SpA, a mixed-use real estate portfolio held in Chile. The firm also participates as an investor in funds managed by Fischer & Zabala Administradora de Fondos de Inversión S.A., a regulated Chilean fund manager, suggesting a hybrid model of direct real-asset ownership complemented by third-party fund commitments. The geographic focus is almost entirely domestic, concentrated on the Chilean market. The team of seven, all of whom hold certification from the Chilean Financial Market Commission (Comisión para el Mercado Financiero, or CMF), operates from the firm's sole Santiago office. The roster pairs investment and operations directors with pension specialists and bankers, yielding a flat structure built around individual client relationships rather than institutional committees. Afitrading's website states that it targets both large- and small-capacity investors with growth potential, signaling an open-architecture advisory model rather than a closed family pool. The firm maintains no disclosed philanthropic foundation or adjacent venture vehicle. Afitrading's primary structural distinction is that it routes a portion of client capital into funds managed by Fischer & Zabala, creating an intermediated investment chain rather than the purely direct-deal posture common among single-family offices. For a Chilean multi-family office, this creates a two-layer governance structure: Afitrading selects the fund manager, and Fischer & Zabala selects the underlying assets. That architecture removes investment execution from the seven-person team, allowing the firm to scale advice across 400 client relationships without building a large in-house deal-sourcing apparatus.