Monex aims to leverage forex client base in asset management push

Wednesday, July 27, 2011

Mexican niche player Grupo Financiero Monex is moving into private asset management, betting on its large existing client base in the forex market, company general director Moisés Tiktin told BNamericas.

Monex is trying to expand its bread-and-butter business of corporate forex transactions by providing high value-added investment services for both individuals and companies.

The bank divides its core business operations into forex and stock market services. The firm commands around 17-20% of Mexico's forex transactions market.

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"In the stock market area, we're trying perhaps to move away a little from brokerage and toward private asset management, advisory types of services," Tiktin said. "We feel this sector is a level playing field, where you can compete if you have an adequate team of people."

The full interview with Tiktin will be published in this week's Banking Perspectives, for subscribers only.