State Street has been appointed by Afore SURA, one of the largest pension funds in Mexico, to provide custody and fund administration services for international segregated accounts.
Afore SURA is a subsidiary of the Colombian holding firm, Grupo SURA.
Enrique Solorzano, chief investment officer of SURA Mexico, said that State Street was chosen because of its global reach and strength in implementation of mandates.
Alan Greene, executive vice president of Americas investment services and institutional services at State Street, said that declining inflation and an increased depth of local financial markets were just two of the trends strengthening opportunities for institutional investors and service providers in the Latin American region.
Mexican citizens are required to invest 6.5 per cent of their salaries in Afores, the state pension funds.
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