Chile's President-Elect Pinera places $1.2 billion in blind trusts

FILE PHOTO - Chilean president-elect Sebastian Pinera walks his wife Cecilia Morel in front of his house in Santiago, Chile, December 18, 2017. REUTERS/Rodrigo Garrido

SANTIAGO (Reuters) - Conservative Chilean President-Elect Sebastian Pinera said on Wednesday he placed $1.2 billion of his family’s wealth in blind trusts as he prepares to take office on Sunday, replacing socialist President Michelle Bachelet.

Pinera, a former president and business mogul, said he charged four fund managers with administrating some $665 million in wealth as required by Chilean law. He said he voluntarily placed $504 million more in two other blind trusts even though it was not required.

Reporting by Antonio de la Jara; Writing by Luc Cohen; Editing by Matthew Lewis