Afore Profuturo GNP completes acquisition of Scotia Afore

Monday, January 11, 2010

Mexican private pension manager Afore Profuturo GNP has concluded the acquisition of the clients and pension assets of Scotia Afore, after receiving regulatory authorization, the former said in a statement on Monday (Jan 11).

Profuturo GNP, of Mexico's Grupo Profuturo, now administers the 92,201 clients and 3.98bn pesos (US$312mn) in assets under management formerly held by what was the Mexican pension unit of Canada's Scotiabank (NYSE: BNS).

Scotia Afore was the second smallest of 16 pension players by assets and clients as of end-September, while Afore Profuturo GNP came in fourth in assets and sixth in clients, according to figures from pension watchdog Consar.

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