PFPC is expanding its operations into Latin America in cooperation with three other firms, Fred Jacobs, senior vice president of global business development, told the MutualFundWire.com. Those firms are Banorte Asset Management, Popular Asset Management, and Santander Asset Management.

PFPC will provide shareholder services, recordkeeping, and other services for three new alliance partners. Banorte is headquartered in Mexico City, Mexico. Popular and Santander are both based in Puerto Rico. Santander, though, is a unit of Banco Santander based in Spain. And Banorte's Money Market Fund is domiciled in Ireland but serving the Latin American community

"Though these three deals have Latin American roots, we are truly taking a global initiative. Our Dublin office took the lead on the Banorte agreement, and our U.S. offices worked on the other two contracts. We are interested in pursuing new business globally, and we are seeking new agreements in all the major markets to provide services to mutual funds. Back office work is what really excites us," Jacobs opined.

"You can't take a U.S. model and completely overlay it. The way informaiton is shared is not the same in every case. So, with each agreement, you truly have to get the lay of the land in order to be successful," he continued.

"Our decision to ally ourselves with PFPC is based on its ability to move speedily to service new products," added Juan Guerrero, senior vice president, Banco Popular. "We wanted a servicing partner that could quickly provide us with a broad range of capabilities and the high quality services that sophisticated investors demand."

In September, PFPC opened a new office in Luxembourg. Look for the firm to be growing its European operations. 

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