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Afore XXI Banorte Adopts CFA Institute Asset Manager Code


Mexico City, Mexico 24 Oct 2019

AFORE XXI BANORTE has announced its compliance with the CFA Institute Asset Manager Code. AFORE XXI BANORTE is the first ever pension fund in Mexico to adopt the code and joins more than 1,000 institutions worldwide that claim compliance with the code. The Asset Manager Code clearly outlines the ethical and professional responsibilities of firms that manage assets on behalf of clients. For investors, the code provides a benchmark of ethical conduct they should expect from asset managers and offers a higher level of confidence in firms that adopt the code.

“By adopting the Asset Manager Code, AFORE XXI BANORTE joins a group of asset managers that have confirmed their commitment to fiduciary responsibility. This is a clear demonstration of our commitment to protecting the interests of more than 8.5 million individual investors,” said Juan Pablo Newman, chief executive officer of AFORE XXI BANORTE.

The Asset Manager Code is grounded in the ethical principles of CFA Institute and the CFA Program, and requires that managers commit to the following professional standards:

  • To act in a professional and ethical manner at all times
  • To act in accordance with the fiduciary responsibility that it represents 
  • To act with independence and objectivity 
  • To act with skill, competence, and diligence
  • To communicate with clients in a timely and accurate manner
  • To uphold the rules governing capital markets

“As the first ever pension fund in Mexico to adopt the Asset Manager Code, we are proud to join the distinguished list of firms that meet the requirements of the code,” said Sergio Mendez, chief investment officer of AFORE XXI BANORTE.

Many firms have their own conduct standards in place to guide their work, but it can be difficult for clients to compare different codes and identify key differences in the firm's level of commitment toward protecting their interests. Rather than evaluating each firm's code of conduct separately, clients can use the CFA Institute Asset Manager Code to quickly identify firms that commit to a common foundation of ethical principles. 

"It is at the core of our mission to advance ethics, professional standards of practice, and market integrity in the investment management industry,” said Leilani Hall, Managing Director, Chief Compliance, Risk & Ethics Officer for CFA Institute. “We applaud AFORE XXI BANORTE for aiming to strengthen its relationships with clients and investors by displaying a positive commitment to ethical and professional standards, and putting investors at the heart of everything they do.”

More than 1,000 firms worldwide claim compliance with the Code including Ariel Investments, BlackRock, Janus Capital Management, JP Morgan Asset Management, Loomis Sayles, Morgan Stanley Investment Management, Inc., TD Asset Management, and US Bancorp Asset Management. (View the full list.). 

CFA Institute

CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion of ethical behavior in investment markets and a respected source of knowledge in the global financial community. Our aim is to create an environment where investors’ interests come first, markets function at their best, and economies grow. There are more than 168,000 CFA charterholders worldwide in 164 markets. CFA Institute has 10 offices worldwide and there are 157 local member societies. For more information, visit www.cfainstitute.org or follow us on Twitter at @CFAInstitute and on Facebook.com/CFAInstitute.


Afore XXI Banorte is the largest Administrator of Retirement Funds in Mexico, and is a success story of public-private partnership, which belongs 50 percent to the Mexican Social Security Institute (IMSS) and 50 percent to the Banorte Financial Group. For more than 22 years, Afore XXI Banorte has managed the Individual Accounts of Mexican workers, providing them with a world-class service. Afore XXI Banorte is currently the Best Pension Fund in Mexico according to World Finance, a distinction that has won four times in a row. In addition, Afore XXI Banorte is the only Afore that manages Social Security Funds, and one of the first in the world to offer a savings product for children and teenagers: PrimerAfore. Learn more about Afore XXI Banorte at www.xxi-banorte.com.