Afore Banamex, Mexico City, hired Pioneer Investments to run about $400 million in active international equities, said spokeswoman Ana Pilar Aguilar Meza, in an e-mail.
The funding source could not be learned by press time. However, no existing managers will be terminated, Ms. Aguilar wrote. The strategy will focus on European equities.
Pioneer Investments was hired following a search and “an extensive due diligence process,” Ms. Aguilar wrote. “We selected Pioneer Investments for the strength of their process, their performance record and the stability of their investment team,” said Javier Orvananos, chief investment officer of the $28 billion pension fund, in a news release from Pioneer Investments.