Prudential Financial is entering Mexico’s private pension management industry through a joint venture in which it will have acquire slightly less than 50% in the nation’s ninth largest private pension manager, the company announced.

Pending regulatory approval, Prudential will acquire IXE Grupo Financiero’s stake in Afore XXI. Afore XXI is a joint venture between IXE and Instituto Mexicano del Seguro Social (IMSS), the national government agency that oversees health and retirement benefits for Mexican workers.

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.