Global managers dealt series of body blows in Mexico

Cross-border firms lost nearly USD 500 million in allocations when BlackRock took over Banamex's fund unit. Meanwhile, a large Afore is close to unwinding two global mandates as regulators delay implementation of fund rules.

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Fee concerns threaten to derail Afores’ chance to invest in mutual funds

Despite delays things are moving ahead at a steady pace and both the Amafore and the Consar have been working nonstop to achieve clear rules that allow Afores to invest in mutual funds, says Amundi Pioneer's Gustavo Lozano. A consequential meeting this week should provide additional clues.

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Afore redemptions from foreign equities seen as natural response to volatility

Afores have moved to instruments with the most favorable risk-adjusted returns in light of global volatility in both interest and exchange rates, said Carlos Noriega, president of the AMAFORE.

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Responding to calls for transparency, Consar provides more details on Afore investment strategies

In an interview with Fund Pro Latin America, the head of the Afore association defended the lack of access to pension fund portfolios, citing the competitive operating environment in which the Afores operate.

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Afores: Cross-border funds are the logical alternative to cumbersome mandate process

"We have emphasized repeatedly their advantages and [cross-border funds] are a proven option; Peru, Chile and Colombia use them and capitalize on them," said Carlos Noriega, president of the local Afore trade group (Amafore).

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Afores anxious to participate in new alternatives vehicles proposed by Executive branch

Afores are eagerly awaiting the launch of the Fibra E and CerPIs, the two new structured instruments proposed by the Mexican President Enrique Peña Nieto, said Carlos Noriega, CEO of the Mexican Association of Retirement Fund Managers.

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Pension association suggests allowing smaller Afores to invest in cross-border funds

"This possibility would an interesting revolution for active managers, especially for smaller Afores, which find the cost of mandates beyond their means," said Carlos Noriega, president of Amafore.

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Ramirez warns of dire consequences to pension system if reforms are delayed

"The more we delay the fundamental reforms required by this system, the possibility of accumulating sufficient resources for the new generation of Mexicans will be reduced," warned Carlos Ramírez, president of the Consar, at a recent gathering of industry professionals.

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Amafore: Afores will be managing USD 300 billion in 2020

With projections based on current conditions of the Retirement Savings System - i.e. a 6.5% compulsory contribution and 49.6% investment placed in government debt - the Afores are expected to reach net assets of MXP 4.3 trillion (USD 295 billion) by the end of 2020.

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Amafore seeks more active role in processes and self-regulation

Carlos Noriega (photo) said the pension manager association is proposing, along with other missions, it be more involved in pre-approving ETFs for their eventual sale to Afores, a task currently in the wheelhouse of the pension regulator, the Consar.

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