Sir Kenneth Berrill is retiring as a non-executive director and chairman of the Moneda Chile Fund, positions he has held since the founding of the company in 1995.

Jorge Carey, who has also served as a director of the Moneda Chile Fund since its founding, will succeed Sir Kenneth as chairman.

Mr. Carey said, in accepting the post: "We will greatly miss Sir Kenneth's counsel and leadership. His knowledge and experience have contributed greatly to the success enjoyed by our company."

Upon the retirement of Sir Kenneth, the board will appoint Scott Perry to be its third member. Mr. Perry is a Uruguian and Irish citizen, holds an MBA from Stanford University, has had a distinguished career in banking and as an entrepreneur, and has extensive business interests in Chile and elsewhere in Latin America, as well as in Europe and North America.

In announcing his appointment, Mr. Carey said: "We are absolutely delighted that Mr. Perry has agreed to join our board. His experience as an entrepreneur and director of many companies in Chile and around the world gives him the perspective to be of particular support to a company of foreign investors with a portfolio of shares in Chilean companies."