State Street Corporation, a US provider of financial services to institutional investors, has developed a fully automated technology solution for its pension customers in Mexico.
Legislation has recently been amended in Mexico and now allows pension funds to invest outside of the country. With this change, financial service providers are required to electronically report pension fund data to industry regulators. State Street says its product offers an automated data feed to Mexican regulators, which should help companies cope with the new legal requirements.
Our new solution for our pension customers in Mexico is truly an innovative next step in enabling our customers to expand their investment reach globally, said Omar Hazoury, director of Latin American strategy for State Street. We have enjoyed working together with the National Commission for the Retirement Saving System to develop an efficient solution that supports best execution for both organizations.