Vanguard, investment management company, selects Depositary Receipts (DR) Group of J.P. Morgan to offer U.S.-registered Exchange Traded Funds (ETFs) on the international segment of the Mexican Stock Exchange, Bolsa Mexicana de Valores (BMV).
J.P. Morgan began offering three Vanguard ETFs new to the Mexican market on 24 December 2008: Vanguard Mega Cap 300 ETF (MGC), Vanguard Mega Cap 300 Growth ETF (MGK), and Vanguard Mega Cap 300 Value ETF (MGV). The additional 29 Vanguard ETFs that currently trade on the Bolsa will be offered by J.P. Morgan beginning February 2009.
Vanguard ETFs are listed on the BMV in pesos and trades can be initiated through a local broker. J.P. Morgan will service the ETFs and will handle all corporate actions. J.P. Morgan will also disseminate relevant shareholder and corporate actions information in the Mexican market via BMV. Additionally, a dedicated J.P. Morgan representative is available in Mexico City to provide local expertise and guidance to investors.
“We are pleased to welcome Vanguard as the first ETF provider that J.P. Morgan has launched on the Mexican Stock Exchange,” says William Kirst, executive, DR, J.P. Morgan, Latin America. “We believe that there will be strong demand by both providers and investors for these peso-denominated ETFs that will provide U.S. and global exposure.”
“Investors’ appetite for Vanguard’s broad lineup of low-cost ETFs continues to grow, and we believe that our relationship with J.P Morgan will bring better service and pricing to this expanding marketplace,” says Dennis Duffy, head of business development, Latin America, Vanguard.
L.D.