The new regulatory framework allows these firms to offer investment advisory and portfolio management services, subject to regulatory requirements.

AFPs are calling for wider deviation bands and greater flexibility in the selection of benchmarks to ensure that performance incentives do not ultimately push managers toward overly similar investment strategies.

The voluntary measure could give approximately 1.8 million members who entered the system before 2013 and did not take advantage of the original switching window the opportunity to migrate to the new fee structure.

A total of 14 products were added during the month, from eight different asset managers: Deerpath Capital, Echiquier, Eurizon, Franklin Templeton, Invesco, JP Morgan, Reverence Capital Partners. and UBAM.

BNP Paribas Asset Management's Claudia Ceconelo said inflation, currency volatility and Brazil's upcoming elections supported demand for international funds, with the firm participating in two RFPs for exclusive mandates.