Insurance - Mexico

Afore Profuturo GNP completes acquisition of Scotia Afore

Afore Profuturo GNP completes acquisition of Scotia Afore

By -

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.