Ashmore Group gains regulatory approval for operations in Mexico

(Alliance News) - Ashmore Group PLC on Monday announced the receipt of regulatory approval for its Mexico City office.

The emerging markets-focused asset manager said the Comision Nacional Bancaria y de Valores' go-ahead is a "key milestone" allowing Ashmore Mexico to act as a registered independent corporate investment advisor in the country.

Ashmore said the business can now raise capital from domestic Mexican clients and provide investment advice on assets in Mexico.

The firm noted that pension reforms in 2020 "have significantly accelerated contribution flows" in Mexico.

It also said it plans to launch an onshore Mexican equities fund.

"The regulatory approval for our Mexico office represents another important step in the development of Ashmore's local office strategy," commented Ashmore Group Chief Executive Officer Mark Coombs. "Mexico offers a compelling long-term opportunity as pension reforms drive growth in domestic assets and institutional investors increasingly look for experienced partners to help manage their capital.

"With a deeply experienced local team and the support of Ashmore's global resources, Ashmore Mexico is well positioned to serve both domestic and international clients and contribute to the group's continued growth."

Shares in Ashmore Group were 1.4% higher at 209.24 pence on Tuesday around noon in London.

By Emma Curzon, Alliance News reporter

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