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Mexico's largest pension fund expands its Asian equity mandate

Mexico's largest pension fund expands its Asian equity mandate

Four months after awarding an Asian equity mandate to Pioneer Investments, Afore XXI Banorte has increased the mandate to $850 million and awarded it to three new asset managers.

Mexico’s $30.4 billion pension fund, the country’s largest, has handed the three additional spots to BlackRock, JP Morgan Asset Management and Investec Asset Management.

The Asia Pacific mandate will invest in equity markets in Japan, China, Korea, Singapore, India and Australia.

Pioneer, who was the first to be named on the mandate in November last year, is running a $150 million slice of the mandate from its investment center in London with the remaining $700 million split between the teams of the newly added firms.

BlackRock will run $200 million which will be managed by Citywire AA-rated manager Andrew Swan, who runs the BGF Asian Dragon and China fund among others, and his team from their base in Hong Kong.

JP Morgan will run $280 million and Investec the remaining $220 million.

The pension fund currently has two mandates in operation with the second one a European equity mandate worth $1.2 billion, which it awarded to Schroders and BlackRock back in 2014. In February our sister publication Citywire Americas revealed that the group was planning to launch a US equity mandate and was in the process of searching for asset managers to run it.

In December, the chief executive of Afore XXI Banorte, Tonatiuh Rodriguez Goméz stepped down and was replaced by Juan Manuel Valle Pereña.

During his tenure as CEO, Rodriguez Goméz oversaw two major mergers which transformed the group into Mexico's largest, the fusion between Afore XXI y Afore Banorte in 2012 and the subsequent acquisition of Afore Bancomer in 2013.

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