Mexico’s largest banking institution is latest global firm to pledge ethical behavior to shape a more trustworthy financial industry. CFA Institute, the global association of investment professionals that sets the standard for professional excellence, has added BBVA Bancomer Asset Management to the growing list of investment firms that claim compliance with its Asset Manager Code. BBVA Bancomer Asset Management, with 20% market share in Mexico, is now one of the more than 1,400 companies around the world that claim compliance with the code.
The Asset Manager Code clearly outlines the ethical and professional responsibilities of firms that manage assets on behalf of their clients. For investors, the code provides a benchmark for the behavior that should be expected from asset managers and offers a higher level of confidence in the firms that adopt the code. The initiative was started by Jorge Unda, CIO at BBVA Bancomer and one of the first CFA's in the country. Currently 40% of his team holds the designation and the rest is working towards getting it.
“Investors should expect and receive the highest level of professional conduct in the firms and individuals with whom they entrust their investments” said Jaime Lázaro, CFA, director of BBVA Bancomer Asset Management. “BBVA Bancomer once again shows its leadership in the Mexican financial system and the adoption of the Asset Manager Code reinforces our commitment to make the customer our priority in every decision."
When Unda and Lázaro first started the program, 15 years ago, there were 30 CFAs in Mexico, nowadays, over 200.
The Asset Manager Code is grounded in the ethical principles of CFA Institute and the CFA® Program, and requires that managers commit to the following professional standards:
- To act in a professional and ethical manner at all times
- To act for the benefit of clients
- To act with independence and objectivity
- To act with skill, competence, and diligence
- To communicate with clients in a timely and accurate manner
- To uphold the rules governing capital markets
"Building trust in the investment profession is central to the CFA Institute mission, and to strengthen and ensure the future vitality of the global financial system,” said Bjorn Forfang, deputy CEO at CFA Institute. “We applaud BBVA Bancomer Asset Management, and all firms that have adopted the code, for displaying a resolute and tangible commitment to professional ethics and helping to build a better world for investors."
BBVA Bancomer Asset Management is the largest asset management firm in Mexico, and the first asset manager and second company after Tempest Capital to adopt the CFA Institute Asset Manager Code in Mexico.