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.
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