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The PMs behind XXI Banorte's $700m US equities mandate revealed

The PMs behind XXI Banorte's $700m US equities mandate revealed

Three star managers from JP Morgan Asset Management, AllianceBernstein and Loomis Sayles & Company will run a $700 million US equities mandate for Mexico's largest pension fund, Afore XXI Banorte.

XXI Banorte has awarded AllianceBernstein a $250 million share of the mandate for a large cap growth strategy that Citywire A-rated manager Frank Caruso and his team will run, the asset manager's regional manager Oscar Zarazua said. 

New York-based Caruso has served as AllianceBernstein's chief investment officer of US growth equities since 2012 and is a manager on the $1.4 billion Ucits AB American Growth Portfolio.

JP Morgan was assigned another $150 million of the $700 million mandate, a spokesperson for the firm confirmed to Citywire Americas. The US large cap value strategy will be run by Citywire AA-rated Scott Blasdell and his team, according to the spokesperson.

Blasdell, who has been with the firm since 1999, has run the US-domiciled Large Cap Value fund since 2013. As of June 30, the fund’s fact sheet listed assets of roughly $1 billion.

Citywire Americas reported on Friday that Loomis Sayles & Company, an affiliate of Natixis Global Asset Management, would run a $300 million slice of the mandate. In a statement, Natixis and Loomis Sayles said Citywire AA-rated Aziz Hamzaogullari and his team would manage the large cap growth strategy.

The new $700 million mandate would allow XXI Banorte 'to harness the conditions of US equity markets and to diversify the portfolio through different investment styles,' according to a statement from the pension fund.

The firm has previously funded both European and Asian equities mandates to boost its international diversification, which have assets of $1.1 billion and roughly $1 billion respectively.

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