Institutional money managers had more than $2.7 billion of U.S. pension fund assets invested in the Mexican stock market as of Sept. 30, three months before the Mexican currency crisis began, an analysis by Frank Russell Co. shows.
Mark Castelin, senior investment strategist at Russell, said assets probably dropped since then, as many managers reduced their exposure during the fourth quarter.
He said the 116 international money managers in the Russell database had $1.1 billion of their total $38 billion pension fund assets under management in the Mexican stock market. Emerging markets managers had about $1.6 billion of their $14.7 billion in total assets in Mexican stocks, he said.
The Russell universe represents 70% to 80% of the market, he said.