Citi’s Banamex unit has expanded its custody and fund administration services to pension fund management companies in Mexico.
Administradoras de Fondos para el Retiro, abbreviated Afores, are companies authorised to manage individual retirement accounts.
Alejandro Berney, head of Latin America, securities and fund services, Citi, said Afores continue to diversify and develop more sophisticated asset selection, asset management and risk monitoring.
Afore Banamex, which manages over 6.5 million customers and resources for over 1,384,494 million pesos (€83,979 million), will access Citi OpenInvestor for its new international asset management mandates.
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