Mexican pension fund manager Afore Bancomer is by far the biggest player in the voluntary pension market, with an 81% market share in terms of assets under management. It also is a market leader in private pensions in Latin America, with more than 12mn customers. The company currently manages five pension funds. Due the decision of BBVA of selling its pension units in Latin America, the company was sold to mexican financial group Banorte. The acquisition was made through Afore XXI Banorte, the pension fund jointly owned by Banorte's banking unit and Mexican social security agency IMSS.
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