State Street Corporation has been appointed by Profuturo GNP to provide a range of global investment services.
Profuturo is Mexico’s largest locally-owned pension fund administrator, and the third largest Mexican pension manager overall, with more than $4 billion in assets.
State Street will provide a range of fully integrated investment services, including global custody and accounting, to support the retirement needs of Mexican workers. Mexico first privatized its pension system in 1997 and earlier last year announced that it would allow the nation’s pension funds to invest part of their $40 billion of assets in global stock markets and bonds.
“We are delighted to welcome Profuturo to our expanding roster of clients in Latin America,” said Lee Jones, senior vice president and head of State Street’s Latin America investor services business. “This is an important milestone for State Street in terms of establishing our servicing presence in Mexico and we look forward to building on this foundation in tandem with Mexico’s growing pension system.”
Profuturo is a member of Grupo Nacional Provincial, S.A. – one of the leading insurance companies in Mexico, with more than 100 years of experience and a high level of stability with regard to insurance, pensions and health services. Profuturo and GNP are part of Grupo BAL, a diversified business conglomerate that includes Grupo Palacio de Hierro, Mexico’s most prestigious department store, and mining group Penoles, the world’s top producer of refined silver, metallic bismuth and sodium sulfate and the leading Latin American producer of refined gold, lead and zinc