Sign up today and take advantage of member-only content — the kind of timely, cutting edge industry insight that only Money Management Executive can deliver.
  • Exclusive Online Only Content
  • Free Daily Email News Alerts
  • Asset Management Blogs

Prudential's Mexican Subsidiary To Purchase Competitor


The Mexican subsidiary of Prudential Financial has agreed to buy another Mexican financial services company in an effort to fortify its Mexican business.

Prudential Apolo Operadora de Sociedades de Inversion will purchase 100% of the fund management company Operadora Finamex, Prudential announced last week.

Operadora Finamex, with $269 million in assets under management, is Mexico's 19th largest fund complex. Prudential intends to consolidate the firm with Prudential Apolo, Mexico's second-largest management firm with $731 million in assets under management. The deal is expected to close during the third quarter.

Prudential Apolo President Manuel Somoza said in a statement that the acquisition is intended to "provide Prudential Apolo with further leverage to build our customer base and have a more visible market presence."

Finamex has more than 5,000 customers, while Prudiential Apolo's client base consists of more than 32,000, Prudential said.