Anahuac University Mexico

Finance for Economists 10373

Professor Gilberto Escobedo Aragones

Andrea Regina Aguilera Ibarra

00349075
Ingrid Reyes Casas
00338950

February 10, 2021

Semester Jan - May 2021
Table of Contents
Introduction...........................................................................................................................................3
1. Institutional Investment.................................................................................................................3
2. Mutual Funds in the Mexican Market............................................................................................4
3. Institutional Investment Culture.....................................................................................................6
4. Development of Institutional Investment.......................................................................................7
4.1 AFORE Reform............................................................................................................................8
4.2 Law and Public Stock Market......................................................................................................8
Conclusion.............................................................................................................................................9
Annexes...............................................................................................................................................10
References...........................................................................................................................................12

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 Institutional Investors
Introduction

Finance exists because most people need to borrow or save at some time in their life, talking
from taking out a student loan or home mortgage to paying into a savings account or a
pension fund (The Economist, 1999). Over the last decades, Finance has had a major growth
all over the world because of many innovations and new technologies. Fintech has solved
many problems financial transactions had in the past, this has had great results for many
economies; as The Economist said, “since 1980 the global stock of financial assets (shares,
bonds, bank deposits and cash) has increased more than twice as fast as the GDP of rich
economies, from $12 trillion in 1980 to almost $80 trillion today”.
Financial Firms are companies or organizations that collect funds and invest in
financial assets. Bodie, Kane and Marcus call Financial Firms demanders of capital: “they
raise capital now to pay for investments in plant and equipment. The income generated by
those real assets provides the returns to investors who purchase the securities issued by the
firm” (Bodie, K. 1999). Financial institutions intermediate between the security issuer (the
firm) and the owner (the investor). A well-known example of financial intermediaries are
investment companies.
Investment companies collect funds from individual investors and invest them in different
securities or assets. They are important because they keep track of gains and administrate
them, also they enable clients to have a diversified portfolio, they are full time managers of it
and lower transaction costs. Investment companies are able to create portfolios for particular
profiles and exclusive goals. In this essay, we will be discussing Institutional investors and
the different types of funds (Pension Funds, Mutual Funds, and Insurance Companies) that
make up the institutional investment culture.

1. Institutional Investment

An Institutional Investor is a group or o company that invests on the behalf of other people,
most of the known examples of Institutional Investments are Pension Funds, Mutual Funds
and Insurance Companies. An institutional investor buys, sells, and manages stocks, bonds,
and other investment securities on behalf of its clients, customers, members, or shareholders.
As they perform a high percentage of transactions on major exchanges and greatly influence
the prices of securities, Institutional Investors are usually known as the big fishes of Wall
Street.

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 The article Moneyed man in Institutions states “institutional investors, as well as banks,
are subject to local culture and regulation, however, regional differences are huge”. On one
hand, we have countries such as the United States, which had an institutional investment of
227% of GDP in 1997, by 2019 it increased up to 291.3%. The United Kingdom, another
major economy, increased its institutional investment from 91% of the GDP in 1997, to 178%
in 2019. France went from 91% in 1997 to 194.9% in 2019 and Japan increased from 97% to
164.7% in the same years. On the other hand, developing countries had small percentages on
institutional investment; Brazil reached 60.23% of GDP in 2017, China hit 13.80%, India
11% and Mexico 9.52%.
But what does this percentage mean for liquidity? First, according to Bodie Kane Marcus,
Liquidity refers to the ability to buy or sell an asset at a fair price on short notice, said
differently, the simplicity of an asset to be sold at fair market value. In their book
Investments, BKM mentioned “part of liquidity is the cost of engaging in a transaction,
particularly the bid–ask spread. Another part is price impact—the adverse movement in price
one would encounter when attempting to execute a larger trade. Yet another component is
immediacy—the ability to sell the asset quickly without reverting to fire-sale prices” (Bodie
K. 1999).
In a sample of a great number of stocks and securities, when liquidity in one stock
decreases, it tends to decrease in other stocks at the same time; in other words, liquidity
across stocks shows significant correlation. In 2002, Yakoy Amihud demonstrated that firms
with more unpredictable liquidity have higher returns. That is to say, the liquidity beta
measures a firm's sensitivity returns to change in market liquidity, “firms that provide better
returns when market liquidity falls offer some protection against liquidity risk, and thus
should be priced higher and offer lower expected returns” (Bodie, K. 1999).
As earlier said, the demand for government securities from institutional investors varies
according to their needs and investment regimes. For example, insurance companies and
pension funds generally require long-term securities due to their long-term liabilities. Mutual
funds, on the other hand, are more interested in liquid securities due to restrictions linked to
the possibility of their customers demanding their funds at any time. Finally, the constant
search for better investment opportunities by institutional investors has increased the depth
and liquidity of the broader government securities market (Banco de México, 2014).

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 2. Mutual Funds in the Mexican Market
In Mexico, the mutual fund industry remains in continuous growth, due to some of the factors
that make these instruments an option with different investment advantages, because as the
Investment Company Institute said, “the reasons behind the growth in mutual funds are as
varied as the people who own them”. Likewise, investors are increasingly looking for better
and more profitable options to grow their assets. Not to mention the effect that the
globalization of financial markets and the growth of the world economy have on the
development of these instruments in the Mexican market, contributing with new opportunities
and better estimates in the financial world.
Mutual funds offer different types of products such as money market funds, equity funds,
sector funds, bond funds, international funds, balanced funds, index funds, asset allocation
and flexible funds. Each one focuses on different securities —which are the ones mutual fund
managers invest in, like stocks, bonds, commercial paper, repurchase agreements, certificates
of deposit, etc.— , sectors, indexes or the combination of one another (Bodie, K. 1999) .
On the other hand, this mutual fund culture is barely new in Mexico. These financial
instruments entered the Mexican market in the 1980s, with the opening of the Mexican
banking system and the development of the stock market, arising from the need of the
traditional Mexican investor to obtain higher returns than those provided by bank fixed terms,
and well received by those national investors who already had experience with foreign pooled
funds (Sagredo, 2007).
Nowadays, investment funds no longer only involve banks, but also other financial
intermediaries that give the market and investors the possibility of accessing numerous
attractive options. According to BMV (Mexican Stock Exchange by its acronym in Spanish)
there are 30 mutual fund operators competing in Mexico (Table 1 in Annexes). Also, data
from the Mexican Association of Stock Market Institutions (AMIB), at the end of the fourth
quarter of 2020, shows how the fund sector has performed, indicating that there are 605
mutual funds in Mexico classified by the National Banking and Securities Commission
(CNBV), which are divided into 42 categories that form a wide range of possibilities.
The collected data from the AMIB (Table 2 in Annexes) shows how the number of
mutual funds varies throughout the years, fluctuating from 918 funds in 2007 to 474 in the
first trimester of 2010, and keeping a range from 500 to 600 funds up to the current year. Net
assets and the total of clients behave in the same manner as the number of mutual funds.
The performance of the mutual fund throughout history varies a lot depending on the type
and category of the fund. According to the CNBV and Morningstar’s 2020 Ranking, based on

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the historical and expected returns of the mutual funds analyzed that are currently available in
Mexico, the mutual funds with the highest returns are equity funds (reaching a 97% of returns
in a year), which also are typically riskier. However, Morningstar Annual ranking mentions
ENERFIN PF2, a balanced fund from Nafinsa fund operator, as the best mutual fund in
Mexico.
Now speaking in terms of the best mexican fund operators, Vector Fondos offers funds
whose returns far exceed the market average and Actinver is another of the stock exchange
operators that has mutual funds that show the best returns. In third place we have Sura and its
profitable mutual funds, which is followed by Value and Invex (Morningstar, 2020).

3. Institutional Investment Culture

Institutional investors, particularly, pension funds, insurance companies, banks and mutual
funds, tend to invest in risky long term stocks and bonds with the objective of economic
growth, risk reduction and increase of liquidity. A country that intends to grow sustainably
must strive to expand the productive supply and improve productivity through institutional
investment. As long as the institutional investment culture grows, the supply of long-term
funding for businesses and the government in an economy increases, because as the size and
importance of institutions continue to grow, so do their relative holdings and influence on the
financial markets. On the contrary, the supply decave in relation to the decrease of the
institutional investment culture level (Blommestein, 1998).
Also, in these emerging economies, with a lower institutional investment culture, the
capital markets present growth barriers due to a non-satisfied need of a financial
infrastructure that provides adequate accounting standards, a legal system that enforces
contracts and protects property rights, as well as bankruptcy provisions (The Economist,
1999).
The importance of institutional investors for national economies can be gauged by the
size of their asset holdings relative to GDP. As can be seen in Table 3 (in Annexes), in the
end of third quarter of 2020, 44% of Mexico's GDP was invested in investment funds,
although we are still below other economies such as Canada, the United States, the United
Kingdom and the Netherlands, according to information from the Report for G20 Leaders.
All these financial factors affect the development and growth of private businesses and
the economy, because if a country has at its disposal a good level of financial instruments and
an efficient legal system on the financial sector, the pooling of savings will increase liquidity,

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which will boost the constant growth of the investments and make a credit better credit
opportunity for private businesses and institutions in the long term.
Also, based on several empirical studies, there is a strong link between economic growth
and financial development, and the positive correlation of the well-developed banking system
and capital markets shows that stock market liquidity and size of financial sector in a country
are good predictors of future rates of growth.
This proposal is confirmed by the analysis of the importance of institutional investors for
national economies. “In theory, the more internationally integrated financial systems become,
the easier it will be for funds to flow to the most productive investments—to the benefit both
of savers and borrowers, and of economies as a whole”. (The economist, 1999)

4. Development of Institutional Investment

To begin with, Mexico must overcome two obstacles arising from the current institutional
framework of our financial system. First, the barriers to competition in the currency market,
which has caused a distortion on financial intermediaries and has restrained the equity market
development. Secondly, the conflicts that will surge between national interest and financial
groups (foreign capital).
One of the recommendations to incentivize institutional investment in our country is the
elimination of barriers on the secondary market for government securities by creating a retail
market, this would allow the arbitrage in the money market and eliminate financial repression
on the deposit market. Commercial banks would have to compete with higher passive interest
rates to avoid disintermediation and the incentives to continue intermediating government
securities would disappear.
Another suggestion for the Mexican Government is to promote a private debt securities
market, supported with shares, in which small and medium-sized companies participate with
the support of development banks and guarantees from the federal government on yields.
Mainly, to develop a direct private debt market to supply the demand for high credit quality
securities from institutional investors. The fact that the securities are collateralized with
equity and their yields are guaranteed by the government would make them attractive as
portfolio assets; the potential fiscal cost would be much lower than that of current public
borrowing for monetary regulation purposes. Also, the Banco de Mexico may offer
rediscount to a wide range of financial instruments issued by the private sector to stimulate
the growth of the private capital market (Mántey de Anguiano, G. 2004).

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 Ethos (2018), a Laboratory of Public Policies in Mexico and Latin America, proposed to
design intersectoral strategies that allow for a change in public and social policy that
encourages impact investment through an institutional design in which service contracting is
carried out through PFR (Pay For Results) schemes and instruments. Additionally to that, to
establish an impact investment fund with a percentage of Unclaimed Money resources as a
mechanism to ensure that the operation of resources is allocated to projects with social impact
and measurable results.

4.1 AFORE Reform

The AFORES (Administradoras de Fondos para el Retiro) are financial entities that manage
the individual retirement savings accounts of workers in Mexico. In other words, a financial
company that manages and invests the retirement funds of people who work in the formal
labor market and are contributors to the IMSS or ISSSTE. Each person enrolled in an Afore
has an individual account that is personal and unique. In this account, throughout your
working life, resources will be accumulated and periodically contributed by the company
where you work, the government and you.
The principal changes AFORES suffered in 2020 and are going to be applied in 2021 are:
(El Economista, 2020)

● The AFOREISSTE will charge a commission of 0.53% to its employees, the lowest
on the market. Meanwhile, the mean of the AFORE market will be 0.807% .
● Before this reform, the tripartite contribution to the individual accounts was 6.5% of
your base contribution salary, composed by 1.125% the worker, 5.15% the employer
and 0.225% the government. Now, the total contribution will increase from 6.5% to
15% (1.125% for the worker and 13.87% the employer).
● The required number of weeks of contribution is reduced from 1,250 to 1,000.
● The minimum amount of the Guaranteed Pension is increased to $4345 Mexican
Pesos.

4.2 Law and Public Stock Market

A study done in the University of Michigan proved that strengthening laws is something that
countries should be interested to increasing the viability of their stock markets. “Laws are
associated with more liquid stock markets and more informative stock prices support those
who oppose private contracting on the ground that insider trading has external effects on the

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stock market. More liquid stock markets and more accurate stock prices reduce the overall
cost of equity capital and improve the efficiency of capital allocation, respectively”.
Regulation might indirectly improve corporate agency problems, as more accurate stock
prices and greater liquidity facilitate improved corporate governance and the market for
corporate control. In contrast, less accurate prices and lower liquidity reduce shareholders'
incentives to monitor and hence increase corporate insiders' ability and incentives to
expropriate outside investors (Beny, L 2004).
Mexico should have lower bank restrictions to entrepreneurs and businessmen to have
options to raise capital and debt on more flexible stocks. The BMV (Bolsa Mexicana de
Valores) is a market with a strict regulation and many barriers to the entrance. This will
promote the development of the stock market in our country and grow its percentage of
participation in the GDP, and in addition, help with economic growth (Saavedra, M. L.,
Palacín, M. J., & Pérez, M. D. C., 2019).

Conclusion
There is plenty of evidence that the needs of the people and institutions to borrow and save
money over their lifetime are being taken into account and satisfied with the financial sector
growth, in which institutional investment takes an important place. Although, “the positive
role finance can play in society is very much dependent on the public perception of our
industry” (Zingales, 2015).
After an intensive research, the conclusion is that Mexico does not lack an investment
culture, but it is not strong in any way. The institutional investors in our country play an
important role in economic growth, that does not mean we are on a strong level of finance
capacity. A country like Mexico needs to incentivize long term investment, but Mutual funds
and Pension Funds are not a priority on the Mexican security market because the participation
of this type of investment (Institutional investment) in our country is small compared to First
World Economies.
Mexico needs changes in their financial market and reforms on laws to develop a better
security market. The Economist (1999) suggests for emerging economies, like ours, “to
adequate accounting standards, a legal system that enforces contracts and protects property
rights, and bankruptcy provisions”.

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Annexes
Table 1. List of Fund Operators in Mexico
Operator´s key Operator´s name
OPERADORA ACTINVER, S.A. DE C.V., INVESTMENT FUND OPERATING COMPANY, ACTINVER
ACTINVER
FINANCIAL GROUP
AFIRME FONDOS DE INVERSION AFIRME, S.A. DE C.V., INVESTMENT FUND OPERATING COMPANY
OPERADORA DE FONDOS BANORTE IXE, S.A. DE C.V. INVESTMENT FUND OPERATING COMPANY,
BANORTEIXE
GRUPO FINANCIERO BANORTE
BBVA BANCOMER GESTION, S.A. DE C.V. INVESTMENT FUND OPERATING COMPANY, GRUPO
BMERGEST
FINANCIERO BBVA BANCOMER
BTGPACTUAL BTG PACTUAL GESTORA DE FONDOS S.A. DE C.V. INVESTMENT FUND OPERATING COMPANY
CIFONDOS CI FONDOS, S.A. DE C.V. INVESTMENT FUND OPERATING COMPANY
FIMULTIVA FONDOS DE INVERSIÓN MULTIVA, S.A. DE C.V. INVESTMENT FUND OPERATING COMPANY
FINACCESS FINACCESS MEXICO, S.A. DE C.V., INVESTMENT FUND OPERATING COMPANY
GBMOPE GBM ADMINISTRADORA DE ACTIVOS, S.A. DE C.V., INVESTMENT FUND OPERATING COMPANY
GESANTAMEX SAM ASSET MANAGEMENT, S.A. DE C.V., INVESTMENT FUND OPERATING COMPANY
IMFBANAMEX IMPULSORA DE FONDOS BANAMEX, S.A. DE C.V., INVESTMENT FUND OPERATING COMPANY
INTERCAM INTERCAM FONDOS S.A. DE C.V. INVESTMENT FUND OPERATING COMPANY
MASFONDOS MAS FONDOS, S.A. DE C.V. INVESTMENT FUND OPERATING COMPANY
MONEX-OPER MONEX OPERADORA DE FONDOS, S.A. DE C.V.
NAFINSA OPERADORA DE FONDOS NAFINSA, S.A. DE C.V., INVESTMENT FUND OPERATING COMPANY
OLDMUTUAL OLD MUTUAL OPERADORA DE FONDOS, S.A. DE C.V., INVESTMENT FUND OPERATING COMPANY
BNP PARIBAS INVESTMENT PARTNERS MÉXICO, S.A. DE C.V., INVESTMENT FUND OPERATING
OPEBNP
COMPANY
HSBC GLOBAL ASSET MANAGEMENT (MEXICO), S.A. DE C.V., INVESTMENT FUND OPERATING
OPEHSBC
COMPANY, GRUPO FINANCIERO HSBC
OPER.MIFEL OPERADORA MIFEL, S.A. DE C.V., INVESTMENT FUND OPERATING COMPANY.
OPERINBUR OPERADORA INBURSA DE FONDOS DE INVERSION S.A. DE C.V. GRUPO FINANCIERO INBURSA
OPERSURA SURA INVESTMENT MANAGEMENT MEXICO, S.A. DE C.V., INVESTMENT FUND OPERATING COMPANY
OPFINAMEX FINAMEX INVERSIONES, S.A. DE C.V., INVESTMENT FUND OPERATING COMPANY
INVEX OPERADORA, S.A. DE C.V. INVESTMENT FUND OPERATING COMPANY, INVEX GRUPO
OPINVEX
FINANCIERO
OVALMEX OPERADORA VALMEX DE FONDOS DE INVERSION, S.A. DE C.V.
PRINPAL PRINCIPAL FONDOS DE INVERSION, S.A. DE C.V., INVESTMENT FUND OPERATOR
SCOTIA FONDOS, S.A. DE C.V., OPERATING COMPANY OF INVESTMENT COMPANIES, GRUPO
SCOTIAF
FINANCIERO SCOTIABANK INVERLAT
COMPASS INVESTMENTS DE MEXICO, S.A. DE C.V., OPERATING COMPANY OF INVESTMENT
SEI-COMPAS
COMPANIES
INTERACCIONES SOCIEDAD OPERADORA DE FONDOS DE INVERSION, S.A. DE C.V. GRUPO FINANCIERO
SINTER
INTERACCIONES
FRANKLIN TEMPLETON ASSET MANAGEMENT MÉXICO, S.A. DE C.V., OPERATING COMPANY OF
TEMPLETON
INVESTMENT COMPANIES
VALUEOP VALUE OPERADORA DE SOCIEDADES DE INVERSION, S.A. DE C.V.
VECTOR VECTOR FONDOS, S.A. DE C.V., OPERATING COMPANY OF INVESTMENT COMPANIES
Source: data from the Mexican Stock Exchange (BMV)

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 Table2. Mutual funds in Mexico
Year (trimesters) Funds Net Assets (million USD) Total Costumers
4T 2020 605 $ 129,227.00 2,995,853
3T 2020 599 $ 118,307.00 2,748,429
2T 2020 600 $ 111,998.00 2,706,745
1T 2020 611 $ 105,980.00 2,631,931
4T 2019 613 $ 129,135.00 2,521,361
3T 2019 623 $ 125,009.00 2,454,418
2T 2019 617 $ 126,080.00 2,425,292
1T 2019 641 $ 121,267.00 2,392,132
4T 2018 638 $ 115,816.00 2,352,413
3T 2018 636 $ 128,309.00 2,348,912
2T 2018 645 $ 122,161.00 2,338,756
1T 2018 641 $ 126,093.00 2,317,485
4T 2017 624 $ 116,073.00 2,274,089
3T 2017 609 $ 122,517.00 2,242,478
2T 2017 607 $ 115,763.00 2,220,682
1T 2017 597 $ 107,896.00 2,204,914
4T 2016 587 $ 97,326.00 2,178,957
3T 2016 579 $ 107,030.00 2,165,211
2T 2016 571 $ 110,995.00 2,141,109
1T 2016 569 $ 113,977.00 2,127,503
4T 2015 567 $ 110,803.00 2,119,566
3T 2015 561 $ 114,739.00 2,101,321
2T 2015 561 $ 123,860.00 2,064,663
1T 2015 561 $ 123,860.00 2,064,663
4T 2014 561 $ 124,719.00 2,058,957
3T 2014 563 $ 138,638.00 2,230,532
2T 2014 562 $ 137,503.00 2,076,002
1T 2014 563 $ 129,216.00 2,079,584
4T 2013 565 $ 124,452.00 2,107,241
3T 2013 566 $ 121,852.00 2,150,509
2T 2013 566 $ 124,300.00 2,206,030
1T 2013 567 $ 124,933.00 2,221,604
4T 2012 566 $ 114,815.00 2,227,660
3T 2012 557 $ 112,704.00 2,171,551
2T 2012 548 $ 106,589.00 2,106,059
1T 2012 544 $ 105,533.00 2,049,870
4T 2011 539 $ 94,780.00 2,030,134
3T 2011 534 $ 93,323.00 2,002,217
2T 2011 533 $ 108,964.00 1,975,082
1T 2011 525 $ 103,275.00 1,965,317
4T 2010 506 $ 101,541.00 1,964,792
3T 2010 482 $ 95,384.00 1,900,145
2T 2010 476 $ 86,751.00 1,876,958
1T 2010 474 $ 83,633.00 1,930,891
4T 2009 477 $ 72,310.00 1,981,139
3T 2009 859 $ 129,294.00 3,696,323
2T 2009 888 $ 127,274.00 3,766,433
1T 2009 898 $ 108,212.00 3,671,990
4T 2008 910 $ 110,251.00 3,640,895
3T 2008 909 $ 157,382.00 3,814,995
2T 2008 886 $ 167,856.00 3,656,326
1T 2008 880 $ 164,283.00 3,475,633
4T 2007 918 $ 155,907.00 3,301,673
Source: data from the Mexican Association of Stock Market Institutions (AMIB)

Table3. Assets in mutual funds as a proportion of GDP

(Million USD)
Net Assets GDP Assets/GDP
$ 118,307.00 $ 265,371.00 44.58%
Source: AMIB and INEGI

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