Source: Business News Americas (BNamericas.com)
"The market has grown 8% through March and we have been growing at 7.4%. We expect to grow about 17% this year," Pérez told press on Thursday at the launch of Bancomer's latest mutual fund product.
Mexico's 399 investment funds had consolidated investments of 363bn pesos (US$32.2bn) at year-end 2003, a 7.79% increase in real terms from the previous year, according to statistics on the banking and securities authority's (CNBV) website. The number of investors grew 10.1% to 696,658.
Bancomer claims a market share of 21.1% with investments of 74bn pesos at the end of March. The bank's newest mutual fund, Fondo Triple, guarantees an investor's capital and a minimum return, while also allowing additional returns.
Assets were invested as follows: 67.7% government debt; 11.5% variable income; 10.3% bank debt; 8.7% corporate debt; and 2% other investments.
During 2003, the CNBV allowed mutual funds to make offshore investments in European titles and issued new rules for mutual fund employees and directors to avoid possible conflicts of interest.
