Mexican pension fund manager Afore XXI Banorte has awarded an Asian equity mandate of around $150m to the Asian equity investment team of Pioneer Investments.
The Asian equity mandate relies on a pan Asiatic approach that includes Japan. This enables investors to benefit from emerging Asia potential, while investing in developed market high quality companies based in Japan and Australia.
Juan Manuel Valle, CEO of Afore XXI Banorte, said: “The assignment of this mandate aims at optimizing our affiliates’ investments, which is evidence of the great progress undertaken by the savings for retirement industry in Mexico.
“This puts Afore XXI Banorte on the cutting edge when it comes to investment management and reinforces our position through participation in complex markets like Asian equities, taking advantage of international managers’ expertise, in addition to using transition management services and the international custodian model offered by the State Street Bank and Trust Company platform. The latter with the objective of enhancing the return of our affiliates’ portfolios in the long term”.
Gustavo Lozano, country head of Pioneer Investments Mexico, commented: “Funding of this mandate in just four months after being appointed managers signals that the regulatory changes, along with our previous experience onboarding Mexican Pension Funds’ projects, shortens implementation times of mandates in Mexico and this will be in itself an asset class catalyst.
“Pioneer Investments manages and on-boards these projects from London bringing diversification to pensioners and engaging Mexican Institutional clients with comprehensive relationships where we are not only providing investment services, but complement this with Knowledge Transfer Services, which add value to the business proposition.”
Pioneer Investments, which has been recently acquired by Amundi, managed $240bn (€226bn) in assets as at end of December 2016.