MEXICO - MetLife is to buy the pension fund operations of Grupo Actinver in a deal which will see the local asset manager selling its parent company's domestic products.
The Mexican arm of MetLife opened a pensions provider (afore) in 2005 to compliment its insurance business which services seven million customers.
Afore Actinver has almost MXN11bn (US$1bn) in assets and over one million customers in Mexico.
Neither party released financial details of the deal.
The move follows Santander’s sale of its Latin American retirement provision business to Netherlands-based ING earlier in 2007.
The Mexican government passed reforms in 2007 to permit afores to offer more diverse investment options and a single commission structure, removing fees on contributions to produce better returns for clients.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers