Sura Investment Management has hired an equities portfolio manager for its Mexico City office.
Jose Luis Flores Ortega joined Sura in September from Old Mutual. In his new role, Flores is part of the equities team overseeing 11 billion Mexican pesos in assets ($621.5 million), according to a Sura spokesperson.
The new hire is the only portfolio manager in the equities team headed by Fernando Belden, according to information provided by Sura to Citywire Americas. The team also includes analysts Marco Cantú, Marisol Andrade and David Carmona.
Flores’s addition completed Sura’s equities team after the post became vacant in May 2017 when Arturo Hernández left to join Mexican financial firm GACS. The new hire is taking over from running the SURA Patrimonial SA de CV SIRV A/SURA Indizado SA de CV SIRV BOE2 from Hernández.
Before taking on his new role, Flores worked at Old Mutual for two years as a buy-side specialist managing local and global equity funds. The firm didn't reply to requests for comments about his exit.
He had also worked at Sura from 2014 to 2016 as a buy-side equity analyst for Mexican companies.
Part of Latin American financial giant Sura Asset Management, the Mexico-based investment management business handles the firm's voluntary pensions unit through services such as international funds and tailored portfolios for institutions, according to its website and to information provided by a Sura spokesperson.
In all, Sura ran $25.8 billion in Mexico across its pensions, asset management, annuities and life insurance businesses.
Earlier this year, Sura Investment Management's regional head Juan Carlos Botero said the firm was planning to launch a Ucits platform in Luxembourg to expand its international presence.