Prudential Insurance Company of Newark, N.J. has purchased a majority stake in the third-largest independent fund management company in Mexico. Prudential last week acquired a 51 percent interest in Apolo Operadora de Sociedades de Inversion of Mexico City. The new company will be named Prudential Apolo Operadora de Sociedades de Inversion. Both companies declined to disclose how much Prudential paid for Apolo Operadora.

In the next two years, Prudential Apolo will open a nationwide branch system with four locations in Mexico City and 25 locations throughout Mexico, according to Manuel Somoza, founder and general director of Apolo, interviewed by telephone from Mexico City. Prudential Apolo is projecting 100 percent growth in the market in the next year, he said. Somoza declined to comment on the size of the investment Prudential is making in the new company.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.