Dutch insurer Aegon and its subsidiary Transamerica have partnered with Mexican wealth management firm Administradora Akaan to launch an asset management venture called Akaan Transamerica in Mexico.

Mexican Banking and Securities Commission (CNBV) recently gave Akaan Transamerica formal nod to commence operations in the country.

The newly created venture will offer a wide variety of Mexican and International mutual funds as well as diversified global investment solutions.

The venture has deployed Aladdin, BlackRock’s trading and risk management system which combines risk analytics with portfolio management, trading and operations on a single platform.

Apart from wide range of investment products, Akaan Transamerica will offer integrated investment solutions for individuals and companies based on their financial needs.

Fernando Quiroz, chairman and founder of Akaan, was previously CEO and vice chairman of Citigroup’s ICG Mexico and Latin America.

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Transamerica president and CEO Mark Mullin commented: “We are thrilled to form this partnership with the highly respected firm of Akaan and to benefit from the tremendous expertise of Fernando Quiroz. We are determined to help individuals and corporations in Mexico pursue wealth accumulation and growth as they work toward securing a sound financial future.”

Quiroz said: “We are delighted to have formed a JV and a strategic alliance with Aegon and Transamerica. Our teams worked extremely hard to set up a new asset management company, with a state-of-the-art technological platform and the most innovative financial solutions for our clients.”

Aegon entered into a joint venture with Administradora Akaan in 2013and created Akaan-Aegon S.A.P.I. de C.V. to explore financial services opportunities in Mexico.