We focus on the asset management of private and institutional customers, guiding our efforts in the development of strategies aligned to the needs and profile of each of our clients. By being independent advisors, we enjoy a total independence in the selection of a banking institution and the appropriate securities for each client; therefore, there are no conflicts of interest that might skew investments’ final return of.
Aurora Asset Management SA is regulated and authorized by the Panama Securities Commission, Resolution SMV No.279-2014.
Asset Management for direct clients and EAM
Transparency as a principle
Aurora Asset Management SA License
Aurora Asset Management SA (AAM) holds an independent asset manager license issued by the SMV, the Superintendent of the securities market, which permits AAM to offer wealth management services.
Our license allows for the following:
Activities as an independent asset manager
AAM management mandate with local and
Customized agreements between business
introducers, advisors and AAM
Opening and management of investment
accounts and deposits
Safekeeping of documents in Panama
Physical presence of CEO, COO and
Compliance Officer in Panama
Swiss Touch: our directors and shareholders are Swiss, trained in the financial center of Geneva which serves to guarantee our clients a high level of professionalism and service.
Independence: our structure is 100% independent with no territorial consolidation.
Flexibility, Responsiveness and Pragmatism: our small-sized company allows us to offer a more
personalized service from the beginning.
Cost Control: our structure allows us to offer very competitive rates in comparison to the market.
Florent Chevey - CEO
A Swiss national, Mr. Florent Chevey is the Executive Director of Aurora Asset Management SA since its inception. Mr. Chevey has a Master’s Degree in Economics from the Haute Ecole de Gestion HES Suisse having graduated as Valedictorian in 2004. In addition, he received the Best Student of the Year Award UBS Valais.
Mr. Chevey has over 20 years of experience in the Swiss financial sector: retail banking, auditing, controlling and private banking. As it relates to his experience in Private Banking – Asset Management in Geneva, he managed a portfolio of European and South American clients for more than 10 years.
Mr. Chevey holds a Principal Executive license no. 439 and Analyst and Broker Securities license no. 968 from the Superintendencia del Mercado de Valores de Panama. He is also an active member under license no. 3596 of the Panamanian Association of Business Executives.
Mr. Chevey speaks Spanish, English and French.
NAVIL DE FRIAS - BACK OFFICE OFFICER
A Panamanian national, Ms. Navil de Frias is Back Office Officer of Aurora Asset Management SA. Ms. de Frias is presently completing her degree in Business Administration from the American University of Panama.
Prior to her current position, she served as an operations assistant at an Investment Adviser and Broker Dealer firm in Panama.
Ms. de Frias holds an Analyst and Broker Securities license no. 1143 from the Superintendencia del Mercado de Valores de Panamá.
Ms. De Frias speaks Spanish and English.
Daniela Calderon - BACK OFFICE OFFICER
A Venezuelan national, Ms. Daniela Calderon is the Back Office Officer of Aurora Asset Management SA.
Ms. Calderon has a Bachelor ́s Degree in International Commerce and Logistics from Universidad Latina de Panama and is currently pursuing a Bachelor of Law and Political Science from Universidad Catolica Santa Maria la Antigua de Panama.
Ms. Calderon holds a Principal Executive license no. 706 and Analyst and Broker Securities license no. 1559 from the Superintendencia del Mercado de Valores de Panama.
Ms. Calderon speaks Spanish, English and has some skills in Italian.
Cristobal Cortes - Compliance Officer
A Panamanian national, Mr. Cristobal Cortes is the Compliance Officer of Aurora Asset Management SA. Mr. Cortes is an Administrative Industrial Engineer having obtained his qualifications from the Universidad Santa María la Antigua de Panama.
Mr. Cortes has over 15 years of experience with several Investment Advisers and Broker Dealers in Panama. Over the course of his career, he has obtained several licenses inclusive of Principal Executive, Analyst and Stock Broker.
Mr. Cortes is the holder of the Principal Executive license no. 101 issued by the Superintendencia del Mercado de Valores de Panama.
Mr. Cortes speaks Spanish and English.
Panama, officially the Republic of Panama, is a country located at the southern end of Central America in the Panama Isthmus. It borders Costa Rica and Colombia.
Key Economic Data
Growth rate: +5.4% (2017)
Income per capita: $15,087 (2017)
Inflation: +2.0% (est. 2018)
Area: 78,569 km2Telephone
Population: 3 926 017 (2014)
Currency: Balboa / US dollar
Time Zone: UTC -5
Official Language: Spanish
Access: Direct flights from European capitals: Amsterdam, Paris, Madrid and Lisbon. Copa Airlines hub to all South America.
Panama has been one of the fastest growing economies in Latin America over the past decade, with real GDP expanding an average of 8.4% between 2004 and 2013. Moreover, Panama performed relatively well during the global financial crisis, including 4.0% growth in 2009 when many other countries in the region suffered a contraction. The Panamanian economy accelerated in the following years, reaching double-digit growth rates in 2010 and 2011.
The economy of Panama is centered on a highly developed services sector, which represents more than 75% of gross domestic product (GDP). The Panama Canal and use of the U.S. dollar have promoted the strengthening of a globally oriented services economy. The Panama Canal is essential to global trade and accounts for almost 10% of the country’s GDP. Other important components of the service economy are the Colon Free Trade Zone (CFZ), which is the second largest free port in the world, and the Trans-Panama Pipeline, which allows for the transport of crude oil between the Pacific and Atlantic coasts. The license and registry of the Panama flag to merchant ships is another source of economic activity. Panama also has a large logistics and storage services sector, as well as a modern banking and insurance industry. The agricultural sector has lost importance over the years, accounting for less than 10% of GDP today. The main cash crops produced in the country are bananas, corn, coffee and sugar.
Expansion of the Panama Canal has been a major source of economic activity since the project began in 2007. Estimated at a cost of USD 5.5 billion, the construction of wider locks and deeper channels will allow for passage of larger container freight ships, help the canal remain competitive in the realm of global trade and therefore sustain toll revenues. Other large public spending infrastructure projects have also driven economic growth in recent years and solidified Panama’s standing as a major logistical hub in the region. This includes the building of a metro line in Panama City, which was inaugurated in April 2014 and is the first in Central America, as well as a new metrobus system, an improved highway network and enhancements to Tocumen International Airport.
While the Panama Canal and related activity were historically the main economic engines, growth is now also being driven by a modern banking and financial services sector. This sector, which features more than 80 established banking and financial institutions, including insurance and re-insurance companies, has expanded greatly thanks to the free flow of capital, adherence to international regulation standards, the dollarized economy and a stable political environment.
Panama Banking System
The Panamanian banking sector represents:
47,827 employees (2017)
87 registered banks according to the SBP, the Panamanian banking regulator.
Composed of 2 official banks, 47 with a general license, 26 with an international license and 12 with a representative license, the industry has expanded over the last two decades to become one of the most important financial centers in Latin America.
This growth is due to the legal and administrative infrastructure, state support, geographical location as a hub, economic and political stability, and the dollarization of the economy.
The Panamanian banking sector has some special characteristics:
No central bank
USD is used as reference currency
Territorial tax system
Very competitive market
The banking regulatory, SBP, provides three types of banking licenses:
General license, which permits local and international operations.
International license, which only authorizes banking services to foreign countries
Representative license for foreign banks which permits them to sell their products and services as
well as meet clients in Panama.
The two Panamanian state banks are Banco Nacional de Panama and Caja de Ahorros.
AAM offices are located in the Towerbank Building, 27th Floor, Calle 50, Panama City.
The Towerbank building offers all the necessary services for our business: modern building in the heart of financial center with a high level of security (data access) and a reliable and high quality telecommunications/IT infrastructure.
Aurora Asset Management SA
PH Tower Financial Center, Piso 27
Calle 50, Panama City, Panama.
T +507 209 7151