Netherlands-based AEGON NV and its Transamerica subsidiary joined with Administradora Akaan SA de CV to create Akaan Transamerica, a Mexico-based asset management company.
The new entity has received formal approval to start operations from Mexico's banking and securities commission, the CNBV.
Akaan Transamerica plans to offer both Mexican and international mutual funds, with its product offerings including alternative investments, actively and passively managed funds as well as bespoke investment strategies.
Fernando Quiroz,formerly CEO and vice chairman of Citigroup's ICG Mexico and Latin America, will serve as Akaan Transamerica's chairman.
AEGON also entered a joint venture with Administradora Akaan in 2013, with the creation of Akaan-Aegon SAPI de CV.