Mexico's Actinver Buys Prudential Asset Management Business
May 25 2009 - 7:38PM
Dow Jones News
Mexican financial services group Grupo Actinver SA said Monday
evening that it has reached an agreement to acquire the local
asset-management business of Prudential Financial Inc. (PRU) for an
undisclosed amount.
The deal, which includes a bank and mutual fund company, will
give Actinver more than 60 billion pesos ($4.57 billion) in assets
under management and over 200,000 clients, the company said in a
press release.
"The acquisition of the bank will allow Grupo Actinver to
increase the gamma of financial services and products it currently
offers," it said Monday.
Prudential's Mexican insurance, pension fund and real estate
assets weren't included in the transaction, which is subject to
regulatory approval.
Actinver has been an active deal maker in recent years, selling
its pension fund company to the local subsidiary of Metlife Inc.
(MET) in 2007 and acquiring rival mutual fund company Operadora de
Fondos Lloyd in 2006.
Today, the company ranks as Mexico's largest independent asset
management firm with a brokerage house and a mutual fund business
that had MXN39.18 billion in assets under management at the end of
April, according to Mexico's securities industry association,
AMIB.
The local mutual fund industry is dominated by the country's top
seven commercial banks, which together have a market share of about
77% by assets.
-By Ken Parks, Dow Jones Newswires; 52-55-5001-5723;
ken.parks@dowjones.com