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Citi’s Banamex unit to offer pension management services in Mexico

Citi’s Banamex unit has enhanced its custody and fund administration services to pension fund management companies (Afores) in Mexico, where Afore Banamex will provide global custody and administration for its new international asset management mandates using Citi OpenInvestor.

Afore Banamex, a pension fund management company in Mexico, provides services to over eight million clients and manages more than $23bn in assets under management.

Afore Banamex CEO Luis Sayeg said after a rigorous and independent review of available providers, the firm selected Citi OpenInvestor as it offers a single service platform that integrates its local requirements in Mexico with the ability to address global manager needs.

"We are pleased to be the first Afore to take advantage of new regulations to use specialist agents to help increase the diversification of our portfolio and optimize returns for our investors," Sayeg added.

Citi securities and fund services Latin America head Alejandro Berney said, "As Afore’s continue to diversify and develop more sophisticated asset selection, asset management and risk monitoring, we’re leveraging our global platform to deliver a complete range of administration and accounting capabilities in Mexico."

Citi OpenInvestor offers full investment services for institutional, alternative and wealth managers, delivering middle office, fund services, custody, and investing and financing solutions which are focused on its clients’ specific challenges and tailored to their individual needs.

As a division of Citi’s Institutional Clients Group, Citi Transaction Services trades in 95 nations and supports over 65,000 clients and provides integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations, globally.

Afore Banamex, a part of Grupo Financiero Banamex is a private pension fund management company which offers services including individual accounts, Siefores, voluntary contributions and online services among other.