Revealed: The international funds in which Mexican Afores pension funds can invest

Mexican pension fund body Amafore has updated its list of approved mutual funds available to Afores pension fund managers in the country, expanding their available investment options after eight months of discussions.

Amafore’s Specialized Analysis Center (CAE) previously published a monthly list but had not updated it since last October after pensions regulator Consar announced an adjustment to Afores’ commission structure.

In October last year, Consar informed Mexico’s Afores that it could only charge up to 0.57% commission as part of an initiative to make the country’s retirement savings system more efficient.

However, the Afores argued that the decision hurt their balance sheets, as many were charging an average commission rate of around 0.80%.

The new guidelines came into effect in January, but Amafore has not updated its list of new products available to Afores since the announcement as it weighed its impact on the country’s pension industry.

Now, Afores can now access 129 international mutual funds from 32 managers and 362 ETFs from 20 managers, according to Amafore’s recently released product list.

Amafore publishes its list of greenlit funds and managers and has been responsible for carrying out and developing the due diligence criteria and research process on mutual funds and ETFs based on guidelines established by Consar.

The updated list of asset managers and their number of licensed mutual funds available to Afores is as follows:

Asset manager Approved Mutual Funds
Acadian Asset Management 1
AllianceBernstein 8
Amundi Asset Management 18
AXA Investment Managers 3
Baillie Gifford 2
Berenberg 1
black rock seven
BNP Paribas Asset Management 1
Columbia Threadneedle Investments 3
Fidelity International 1
Franklin Templeton 5
AG Holding AG 5
Goldman Sachs Asset Management International 4
Henderson Global Investors Limited 4
Invesco 2
JPMorgan Asset Management 2
Jupiter Asset Management 5
group of men 1
Morgan Stanley Investment Management 5
Natixis Investment Managers 3
Ninety-one UK Limited seven
NN Investment Partners 3
PIMCO 1
Pictet Asset Management 4
PineBridge Global Funds 5
Robeco 1
Schröder Investment Management 9
T. Rowe Price Associates, Inc. 1
UBS 4
UTI Asset Management 1
Avant-garde 6
Wellington Management 4
Total 127

The full list of asset managers and their number of ETFs is as follows:

Asset manager ETFs Approved
Amundi 11
BBVA 2
DWS 26
First confidence 14
Franklin Templeton 5
GlobalX 5
Goldman Sachs 3
Invesco 1
iShares 169
John Hancock 2
JP Morgan 3
Krane Stocks 2
Nikko 1
PIMCO 3
ProShares 1
Sherpa Capital 1
State Street 36
Avant-garde 55
VanEck 2
tree of wisdom 20
Total ETFs 362