Citi’s Banamex unit has expanded its global custody and fund administration services to pension fund management companies (Afores) in Mexico.
Afore Banamex will access Citi OpenInvestor to provide global custody and administration for its international asset management mandates.
Through OpenInvestor, Afore Banamex has access to a global service provider to the funds industry with over $1.5 trillion in assets under administration.
Luis Sayeg, CEO at Afore Banamex said: "After a rigorous and independent review of available providers, we selected Citi OpenInvestor because it offered a single service platform that integrates our 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. We believe we have the best risk and investment teams in Mexico, and now we can access more broadly into the capabilities of firms that have expertise in many more markets."
Alejandro Berney, Head of Latin America, Securities and Fund Services at Citi, 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,"
"We are certainly pleased to be able to expand our services to one of the most respected names in the industry as well as leverage the additional scale to the benefits for all our clients."
