Mexico Licenses Three New Afores

Mexico’s pension fund regulator, Consar, has approved three new licenses for private pension funds (Afores) to operate in the local market, taking the total number of such funds to 19. The first new fund to be launched will be Afore Ahorra Ahora, run by Monex Grupo Financiero. The two other licenses are for funds being set up by state-owned Bansefi and by retailer Coppel. The private pension fund market, which was launched in Mexico in 1997, is beginning to take off following a series of changes last year allowing more self-employed workers to pay into the funds and for greater transfer possibilities within the private system.