MEXICO CITY--(BUSINESS WIRE)--Citi’s Banamex unit has expanded global custody and fund administration services to pension fund management companies (Afores) in Mexico. Afore Banamex will access Citi OpenInvestorsm to provide global custody and administration for its new international asset management mandates. Afore Banamex ranks as the leading pension fund management company in Mexico, with more than eight million clients and over $23 billion in assets under management.
“After a rigorous and independent review of available providers, we selected Citi OpenInvestor because it offered a single service platform that integrates our local requirements in Mexico with the ability to address global manager needs,” said Luis Sayeg CEO at Afore Banamex. “We are pleased to be the first Afore to take advantage of new regulations to use specialist agents to help increase the diversification of our portfolio and optimize returns for our investors. We believe we have the best risk and investment teams in Mexico, and now we can access more broadly into the capabilities of firms that have expertise in many more markets.”
Through Citi OpenInvestor, Afore Banamex has access to a global service provider to the funds industry with over $1.5 trillion in assets under administration and Citi’s leading proprietary global network that includes Banamex in Mexico.
"As Afore’s continue to diversify and develop more sophisticated asset selection, asset management and risk monitoring, we’re leveraging our global platform to deliver a complete range of administration and accounting capabilities in Mexico," said Alejandro Berney, Head of Latin America, Securities and Fund Services, Citi. "We are certainly pleased to be able to expand our services to one of the most respected names in the industry as well as leverage the additional scale to the benefits for all our clients.”
Citi OpenInvestor® is the investment services solution for today’s diversified investor, combining specialized expertise, comprehensive capabilities and the power of Citi’s global network to help its clients meet their performance objectives across asset classes, strategies and geographies. Citi OpenInvestor provides complete investment services for institutional, alternative and wealth managers, delivering middle office, fund services, custody, and investing and financing solutions that are focused on its clients’ specific challenges and customized to their individual needs. For more information, visit openinvestor.transactionservices.citi.com.
Citi Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi's Transaction Services supports over 65,000 clients. As of the second quarter of 2012, it held on average $396 billion in liability balances and over $12 trillion in assets under custody.
About Afore Banamex
Afore Banamex is a private pension fund management company, that belongs to Grupo Financiero Banamex. It provides services such as individual accounts, Siefores, voluntary contributions, online services, partial retreats for unemployment and marriage among others. It began operations in 1997 and its headquarters are located in Mexico City.
Grupo Financiero Banamex
Grupo Financiero Banamex is one of the largest financial services groups in Mexico, where it holds top positions in virtually all segments of financial intermediation and serves more than 21 million customers. Its flagship subsidiary, Banco Nacional de México (Banamex), operates through more than 1,700 branches, 6,000 ATMs, the largest web-based banking network and 14,700 Correspondents. Accival is the leading brokerage house in Mexico, Seguros Banamex is a top player in bank insurance and Afore Banamex is the largest pension fund in the country. As a result of Citigroup’s acquisition of Banamex in 2001 (one of the largest-ever US-Mexico corporate mergers) Banamex combines its wide presence and strength in the local market with the reach and capabilities of the leading global bank.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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