Manuel Somoza, president and general director of Prudential Apolo of Mexico City, is confident that some of the dramatic changes occurring in Mexico will spur growth in the country's fund industry. But in a country that suffers an economic crisis with every new president and whose economy seems to nearly drown every time the U.S. economy weakens, many people are skeptical that there will be change. But this time it is different, according to Somoza.
Somoza's optimism is founded on a wave of change taking place in Mexico that is sure to affect the industry, he said. Most notably, the Institutional Revolutionary Party, which has ruled Mexico since the country's last revolution in 1920, was voted out of office in July and the National Action Party under the leadership of Vicente Fox, assumed the presidency in a peaceful transfer of power.