Grupo de Inversiones Suramericana S.A. (Grupo SURA) hereby announces that its subsidiary Sura Asset Management S.A. (Sura AM) has set up five (5) new Pension Fund Management Companies in Mexico (these known locally as SIEFORES in Spanish).
These companies operate as investment funds and are set up for the purpose of providing returns to and managing the resources received from Mexican workers by the Pension Fund Management Firm (AFORE in Spanish).
These new Companies are listed as follows:
• SIEFORE SURA BÁSICA 65-69, S.A. DE C.V.
• SIEFORE SURA BÁSICA 70-74, S.A. DE C.V.
• SIEFORE SURA BÁSICA 80-84, S.A. DE C.V.
• SIEFORE SURA BÁSICA 90-94, S.A. DE C.V.
• SIEFORE SURA BÁSICA INICIAL, S.A. DE C.V.
These new funds have been set up pursuant to the new rules and regulations that have been introduced to the Mexican Pension Investment regime, which now provides for a new framework for the Target Date Funds in which the resources of the member workers of the Pension Fund Management firm are managed, this based on their respective years of birth. This necessitated creating new pension fund management firms in addition to those already existing.
Both Grupo SURA and Sura AM hold indirect stakes in these new entities through AFORE SURA, S.A. de C.V, a Mexican subsidiary which forms part of the SURA Business Group.