Mexico's Actinver Buys Prudential Asset Management Business

Mexican financial services group Grupo Actinver SA said Monday evening that it has reached an agreement to acquire the local asset-management business of Prudential Financial Inc. (PRU) for an undisclosed amount.

The deal, which includes a bank and mutual fund company, will give Actinver more than 60 billion pesos ($4.57 billion) in assets under management and over 200,000 clients, the company said in a press release.

"The acquisition of the bank will allow Grupo Actinver to increase the gamma of financial services and products it currently offers," it said Monday.

Prudential's Mexican insurance, pension fund and real estate assets weren't included in the transaction, which is subject to regulatory approval.

Actinver has been an active deal maker in recent years, selling its pension fund company to the local subsidiary of Metlife Inc. (MET) in 2007 and acquiring rival mutual fund company Operadora de Fondos Lloyd in 2006.

Today, the company ranks as Mexico's largest independent asset management firm with a brokerage house and a mutual fund business that had MXN39.18 billion in assets under management at the end of April, according to Mexico's securities industry association, AMIB.

The local mutual fund industry is dominated by the country's top seven commercial banks, which together have a market share of about 77% by assets.

-By Ken Parks, Dow Jones Newswires; 52-55-5001-5723; [e-mail]