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Administradora de Fondos de Pensiones y Cesantías Protección S.A.

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Description

AFP Protección S.A., a unit of Colombian holding company Grupo de Inversiones Suramericana, is the second largest pension fund manager in the country with some 1.6mn clients. It manages three funds for unemployment insurance, voluntary retirement savings, and mandatory retirement savings. In 2011, the company acquired Colombian bank Bancolombia's pension fund assets in El Salvador, AFP Crecer. Later, in 2013, the firm completed its merger with the local unit of Dutch group ING, ING Administradora de Fondos de Pensiones y Cesantía S.A., as a consequence of Grupo Sura's purchase of ING's life insurance and investment management units in the region. AFP Protección was founded in 1991 and is based in Medellín.

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