Last updated: 21:32 / Thursday, 22 August 2013
By Banamex to Schroders

CONSAR Approves the First Mandate Awarded by an Afore

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CONSAR Approves the First Mandate Awarded by an Afore

Following an approval period of two years, the CONSAR has authorized AFORE Banamex, to proceed  with the first operation in the SAR’s history to be carried out ​​through investment mandates. The mandate, with Schroders, the London based global financial asset management company, is initially for $200 million.

 “Through this arrangement, (where the Afore hire the services of a Global Asset Manager) savers in the SAR can access investments in international markets with the most highly specialized and experienced teams in financial risk management globally,” informed CONSAR

As the SAR experiences a rapid accumulation of resources, which is even greater than the supply of local instruments and the depth of the Mexican financial market, the regulator recognizes that it is essential to find better ways of investing in eligible instruments and countries already authorized by international markets which provide access to better yields and expertise in investment management.

In each and every case, the authorized representatives appointed must meet the criteria approved by the CONSAR’s Committee for Risk Analysis, regarding experience, operational capacity, corporate governance, transparency, integrity and competitiveness.

The CONSAR anticipates that in the near future, other AFORES will also take advantage of the flexibility of the regulations for the use of investment mandates, thus strengthening their financial diversification abroad, which is essential for providing savers with competitive returns.

For your information...

El Comité Consultivo y de Vigilancia y la Junta de Gobierno de CONSAR autorizaron en julio de 2011 el uso de Mandatos de inversión en mercados internacionales autorizados. El porcentaje que pueden invertir, de acuerdo a la regulación vigente, es hasta el 20% de los activos que administran en instrumentos internacionales operados en países elegibles (los miembros de la Unión Europea, los miembros de la OCDE con quienes México tiene un acuerdo bilateral de libre comercio, los miembros de la Alianza del Pacífico cuyos mercados de capitales se encuentran integrados en el mercado conocido como MILA y los países miembros del Comité de Estabilidad Financiera del Banco de Pagos Internacionales.).

Los requisitos para este tipo de inversiones forman parte de las Disposiciones de carácter general en materia financiera de los Sistemas de Ahorro para el Retiro, también conocida como Circular Única Financiera (CUF), publicada en diciembre de 2011, disponible para su consulta en este link.

 

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