Mexican pension fund Afore Banamex has awarded another international mandate to a European fund manager, Pioneer Investments, in a sign of how Mexico's pension funds areglobalising their assets.
The mandate is a $200 million (€170 million) Asian equities brief and is Pioneer's second win from Afore Banamex. In October 2014, the fund gave Pioneer a $400 million European equity mandate.
Pioneer says the Asia mandate will be managed in cooperation with three other international asset managers: Wellington Management, BlackRock and Nomura Asset Management.
The UK-listed fund manager Schroders was the first European asset manager to win a mandate from the scheme.
Javier Orvañanos, chief investment officer at Afore Banamex, says the fund is looking forward to broadening the scope of its active management foreign equities portfolio.
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