US-based asset manager Legg Mason has struck a partnership with Mexican peer Actinver, which will enable the American firm to advise on funds sold in Mexico.

Under the agreement, Actinver will manage and sell funds to its customers leveraging investment models from the affiliates of Legg Mason.

The affiliates are ClearBridge Investments, Martin Currie and Western Asset.

Actinver CEO of asset management unit Alonso Madero said: “The Mexican asset management industry is still under-developed compared to those in other countries so the opportunities are enormous.

“By working together, Actinver and Legg Mason are encouraging the development of the market and, by extension, helping with the economic development of the country.”

The funds managed through the partnership are SALUD, ESFERA, and ESCALA.

SALUD aims for long-term capital appreciation by offering exposure to firms dealing with healthcare and life sciences.

ESFERA’s investment philosophy involves active management of a portfolio of global companies for long-term capital appreciation.

ESCALA targets capital preservation and interest-rate risk reduction. The vehicle invests in short-term corporate bonds.

Legg Mason head of Americas International Lars Jensen said: “With the population of Mexico as well as the number of people accessing banking services expected to increase over the next 20 years, we see substantial growth potential in the country.

“We’re thrilled to partner with Actinver, and we’ll continue to develop additional solutions for the Mexican investor together.”

Actinver has a presence in 23 states of Mexico and oversees MXN469bn ($24.5bn) in assets.

Legg Mason managed $768bn in assets at the end of April 2019.