Newly formed Afore XXI Banorte to begin operations January 16

Friday, January 13, 2012

Recently merged Mexican pension fund managers Afore XXI and Afore Banorte will begin operations as Afore XXI Banorte on January 16, according to a report in local daily El Economista.

The CEO of the newly formed pension fund manager, Tonatiuh Rodríguez Gómez, said investment funds and operations would be merged on January 13, according to the report.

The president of Mexican insurance association Amis, Fernando Solís Soberón, said that if the pension funds had not merged, they would not have been able to reduce commission charges to 1.33%.

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Banorte charged 1.48% commission and XXI 1.40% as of end-November, according to pension regulator Consar statistics.

Consar authorized the merger in November. The new company is the largest pension fund administrator in Mexico.