Juan Manuel Hernandez has been appointed to the role of head of Vanguard’s business in Mexico as the company makes a push into the Mexican market.
Vanguard poached Hernandez from Blackrock Mexico, where he was head of Institutional Sales. He also served head of Sales for iShares Mexico.
The ETF provider has launched 65 US-domiciled ETFs cross-listed on the Bolsa Mexicana de Valores whilst 26 ETFs have been approved as eligible investments for Mexican Sociedades de Inversion Especializadas para el Retiro (Siefores).
Vanguard has worked with the Compass Group as its distribution partner since 2009 in Mexico, Chile, Colombia, and Peru.
“Compass is a critical partner in our success in Latin America (…) Vanguard has been serving investors in Mexico since 2009 from our headquarters in the US, and we believe regulatory, fee, legal, and capital market structures are moving in the right direction to enable Vanguard to expand in Mexico,” said Kathy Bock, head of Vanguard Americas.
According to a Vanguard-McKinsey research released in January 2016, the ETF market in Mexico is projected to rise by 18% annually.
As at 30 June 2017, Vanguard managed $774bn (€663.8bn) in global ETF assets.