Old Mutual has decided to enter into the Wealth Management segment in Mexico. This new division is being led by Rodrigo Iñiguez, a professional with over 11 years in the group.
Mexico is the second largest market in the Latin American region, after Brazil, so Old Mutual expects that in the next 5 years this line of business will generate a high percentage of its sales for Mexico and complement that of Latin America. According to McKinsey Global Wealth Management, Mexicans have over 800 billion dollars in different financial institutions.
Agustín Queirolo, who is in charge of the Wealth Management segment for Latin America, said: “We will face this new challenge by leveraging our experience and the great acceptance we already have in countries such as Chile, Peru, Switzerland and the United States…We are sure that this new and innovative Mexican solution will help us in advising our clients in an integral way with a local and international vision. Our solution allows Mexican clients and residents in Mexico the possibility of guarding their investments both locally and abroad.”
Julio Méndez, Group CEO in Mexico, said: “The company has achieved significant growth in its different segments in recent years. We maintain a leading position in the Institutional business through the administration of Private Pension Plans and have managed to expand our distribution through more than 3,000 investment advisors across the country. The DNA of our Group is constantly pushing the creation of new investment solutions with a constant innovation in the creation of products and today we visualize great opportunities to enter the Wealth segment.”
Thinking of complementing Private Banks, Family Offices and Wealth Managers that advise affluent and high net worth Mexican families, they will be using a life insurance solution, with an investment component, as an asset planning tool, as well as other innovative instruments that fit the segment and its clients.
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