State Street Corp. has announced its selection by Profuturo GNP, Mexico's largest locally owned pension fund administrator, to provide global investment services.
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Profuturo is the third-largest Mexican pension manager overall, with more than $4 billion of assets.
Mexico privatized its pension system in 1997 and last year announced it would let the nation's pension funds invest part of their $40 billion of assets in global stock markets and bonds.
After State Street's purchase of Deutsche Bank's global securities services businesses in 2003, the company expanded its client base in Latin America.
Profuturo is a member of Grupo Nacional Provincial SA, a leading Mexican insurer.
