During my time as a Portfolio Manager for Sovereign Wealth Funds and International Reserves at the Central Bank of Bolivia, I became aware of various investment opportunities—such as hedge funds and structured products—that were being successfully used by other central banks to enhance returns. These alternative investments piqued my interest, though they were relatively unfamiliar to me at the time.
Unfortunately, the Investment Committee did not approve allocating funds to these instruments. Despite this, I remained curious and began independently researching the field. Although the information I found was scattered and at times confusing, a friend of mine—a CAIA Charterholder from Canada—introduced me to the CAIA certification. In just two words, I found it fascinating and challenging.
The CAIA designation offers not only global recognition but also a high level of professional credibility. It distinguishes itself through its in-depth focus on alternative investments and the value of the professional network it fosters.
In Bolivia, the market for alternative investments is still in its early stages, with very limited offerings and a lack of technical development. This is precisely why the knowledge acquired through the CAIA Charter provides a significant competitive edge—whether in evaluating real estate, formalizing private equity, creating hedge funds, adapting private debt structures, or professionalizing structured products and asset allocation strategies.
Today, I serve as Head of Investments for Fixed Income and International Assets at Gestora, the pension fund manager overseeing more than USD 28 billion—equivalent to over 60% of Bolivia's GDP. This makes Gestora the largest and most influential institutional investor in the country. Our investment portfolio includes indirect exposure to real estate and private debt, areas where my CAIA training has proven invaluable. It has helped me optimize our portfolio and refine our investment strategy in these asset classes.
Alternative investments have tremendous growth potential, not only in developed markets but also across emerging and developing economies. As investors increasingly seek diversification, alternative investments offer exciting opportunities for new professionals aiming to stand out.
Being part of the CAIA community means staying at the forefront of innovation and knowledge in the world of alternative investments. It also offers a platform to showcase the unique characteristics of the Bolivian market—features that could be attractive to international investors. Finally, as the first CAIA Charterholder in Bolivia, I take great pride in achieving this milestone. It reflects not only a personal commitment to excellence but also the responsibility of representing my country and contributing to the growth of the CAIA community.
About Daniel Tarqui Mangudo, CAIA, CFA
Daniel currently serves as Head of Investments for Fixed Income and International Assets at Gestora, where he is responsible for investment analysis, trading, and strategy development across a variety of traditional and alternative asset classes. In addition to being a CFA Charterholder, he is the first Bolivian to earn the CAIA Charter, becoming a Member in May 2025.
His passion for investments has taken him to the trading desks of both Mexico and Bolivia, working with leading global financial institutions, central banks, and now pension funds. Outside of work, Daniel maintains balance through sports such as gymnastics and racquetball, and shares his knowledge as a university professor.