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Report: Mexican antitrust watchdog accuses 4 pension fund managers of collusion

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Report: Mexican antitrust watchdog accuses 4 pension fund managers of collusion

Mexicanfederal competition commission Cofece has accused four pension fund managers, orAfores, of engaging in anti-competitive practices, El Economista reported April 10.

Cofecehas not confirmed the names of the Afores under investigation, but the agency April 5 that it had foundevidence to show that some Afores have used monopolistic practices.

Cofecehas reportedly called on the Afores XXI Banorte, GNP, Sura and Principal to defendthemselves against charges that include price fixing and market division, the reportsaid.

WhenCofece launched its investigation in July 2015, the regulator noted that reducedcompetition in the pension fund market had allowed Afores to charge exorbitant pricesand commissions.