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Rating:Prudential Expands Southward Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, November 24, 1999

Prudential Expands Southward

Reported by Hayley Green

The Prudential Insurance Company of America and Apolo Operadora de Sociedades de Inversion, the third largest independent fund management company in Mexico, said that Prudential will acquire a majority interest in Apolo.

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The 51% investment into the Mexico City-based investment management company is Prudential's first entry into Latin America.

Apolo is to be renamed Prudential Apolo Operadora de Sociedades de Inversion, S.A. de C.V., (Prudential Apolo). "We are expending globally. We want to become an international powerhouse," Lisa Villareal, a spokesperson for Prudential said.

Headquartered in Mexico City, Apolo will offer a range of investment management products to retail and institutional investors in Mexico. Manuel Somoza, the founder of Apolo, will retain 49% of Prudential Apolo and will continue to run the day-to-day operations of the company as chairman and general director.

Apolo was formed only two years ago but has experienced decent growth in an often tough market, making it an attractive acquisition. "We chose them for three reasons," Villareal said. They have a well known management team, they have reached high growth in the first two years of existance and they have a client base we plan to build on."

Prudential Apolo will initially offer Mexican investors fixed-income and equity mutual funds, distributed through the company's proprietary sales force.

Villareal said Apolo will continue to distribute its current offering of mutual funds with no current plans to add Prudential funds to the Mexican offerings. 

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