During the sixth edition of the Morningstar Awards in Mexico, at the W Hotel in Mexico City, representatives of the best asset managers of the country gathered to recognize the three best firms and the six best funds of the year. At the event, Alejandro Ritch, Regional Director of Morningstar for Latin America, highlighted the positive transformation that is taking place in the sector.
He also noted that there is still a significant concentration in the sector: with 69% of the assets under management in the hands of the five leading firms. The executive also pointed to the growth of passive strategies and the consequences this has had on the fund market, mentioning that "the competition that the ETFs have created is real and the managers have lowered their commissions in response to this."
In the category of Best Funds the winners were:
- Short term debt Operadora Mifel
- Medium term debt, Actinver
- Long term debt, Intercam Fondos
- Mixed fund, Principal
- Global equities, Operadora de fondos Banamex (recently acquired by BlackRock)
- Mexican equities, Compass Investments México
For Best Asset Manager the winners were:
- Debt, Nafinsa
- Equities, Scotia fondos
- Global, Compass Investments México