Afore Banamex, a pension fund and wholly-owned subsidiary of Citigroup in Mexico, has successfully launched Mexico’s first international investment mandate – initially a US$200m global segregated account – with Schroders, a global asset management company headquartered in London with US$357.51 billion in assets under management.
Afore Banamex awarded Schroders this mandate with the aim of diversifying their investment strategy and taking a specialized approach to investing in international markets. This is the first mandate to be awarded to an international asset manager in the history of the mandatory pension fund system in
Luis Sayeg, CEO at Afore Banamex, said: "We are delighted to partner with Schroders on this breakthrough for the industry. The funding of this first mandate will help us to diversify our portfolios internationally, which will be for the long-term benefit of investors in our funds. Our relationship with Schroders through this agreement gives us access to global experience and specialisation in a transparent format. The partnership adds to the talent and capabilities of our own investment and risk teams."
John Troiano, global head of Institutional Business at Schroders, said: "We are very excited to work with Afore Banamex on the development of this innovative strategy. Afore Banamex’s vision and industry leadership combined with the strong investment and implementation capabilities of our firm offers investors the ability to access international markets so gaining diversification, and the return potential from a very broad set of investment opportunities."