Press Release

Leadership Transition

Panama | September 30, 2025

The Fondo de Ahorro de Panamá (“FAP” or the “Fund”) announced today that Abdiel A. Santiago, Technical and Executive Secretary (the “Secretary”), will step down effective December 4, 2025, as part of a planned transition.

Mr. Santiago was FAP’s inaugural Secretary and played a fundamental role in the Fund’s design and consolidation.  He was instrumental in protecting and growing Panama’s long-term savings through prudent management of a global investment portfolio.  Under his leadership, FAP’s assets grew from about USD 1.2 billion to nearly USD 3.1 billion, accompanied by greater investment discipline, strengthened governance, and integrated risk management, all aligned with FAP’s legal mandate.

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

Mr. Santiago has decided to accept a position in asset management outside Panama; however, he has also agreed to remain as an ad honorem (unpaid) strategic advisor to the Board of Directors and the Fund to ensure continuity and support an orderly transition.

“It has been the honor to serve Panama through the FAP and its contributions to the country,” said Mr. Santiago. “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.”

Details of the Bonds Received by FAP:

  • Portfolio transformation and diversification: Drove entry into private assets (private equity, infrastructure, and private credit) with institutional-grade manager selection processes.

  • Asset growth and capital-structure innovation: Led the Fund’s investment strategy, achieving 150% growth since FAP’s inception, including negotiating the exchange of IOUs for USD 1.475 billion in Republic of Panama bonds.

  • Institutional-grade governance and transparency: Designed and implemented policies, risk/compliance frameworks, and reporting aligned with leading sovereign wealth fund standards.

  • Risk and control architecture: Established internal controls and enhanced due-diligence protocols with systematic reporting to the Board of Directors and the public.

  • Strategic and tactical asset allocation: Created and implemented FAP’s strategic and tactical asset allocation, improving the Fund’s overall risk/return profile.

  • Operational and cost efficiency: Optimized relationships with custodians, trustee, and external managers/general partners, reducing costs, preserving liquidity, and improving execution.

The Board of Directors will announce the interim Secretary shortly and, in parallel, has engaged with executive search firms to launch a local and international process to identify and select the permanent successor, in line with best practices in governance and talent selection and in accordance with FAP’s law.

About the Fondo de Ahorro de Panama
The Fund was created by Law 38 of June 5, 2012, whose main objectives are:

  1. Establish a long-term savings mechanism for the Panamanian State; and

  2. Establish a stabilization mechanism in case of a state of emergency (declared by the Cabinet’s Council) and economic slowdowns.

Contact: Administration, +507-394-5776/5706, administrador@fondoahorropanama.com
For additional information visit www.fondoahorropanama.com
 
 
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