Vince León will work closely with financial advisors, private banks, wirehouses and independent broker dealers active in the US offshore market, helping clients access M&G's range of public and private market investment solutions.

Beginning in September, workers will be able to transfer between Peru's private and public pension systems.

In June, Allianz, BlackRock, Bluebay, Fidelity, First Trust, GAM, I Squared Capital, Morgan Stanley and Xtrackers were the fund sponsors gaining approval for new products.

Some of the new restrictions on management fees have been in force since April, while others will take effect alongside the rollout of Chile's new lifecycle funds.

The transaction would bring a leading private markets platform under Mercer’s umbrella at a time when the firm is playing a key role in the implementation of Chile’s pension reform.