Operadora de Fondos Banorte, the Mexico-based bank’s asset management fund, is in tip-top financial shape.
So says Fitch Ratings, a leading provider of credit ratings for global capital markets.
It recently affirmed the Banorte as “Excellent (mex)’ with stable outlook, in accordance with the Investment Management Quality Rating.” That’s the highest rating at a national scale.
Fitch is one of the largest and most reputable rating agencies used by investors to determine the viability of investments based on factors, such as a company’s debt type and its sensitivity to potential changes in such as interest rates.
“We want to be the best financial group for Mexicans,” said Banorte Chairman Carlos Hank González. “This Fitch rating shows that we are achieving this through responsible investing and consistent returns for those wanting to invest in our country.”
Factors considered for Operadora de Fondos Banorte’s rating included the number of funds and total assets under management, the broad range of investment profile, and the governance by which the organization reviews and approves their prospectuses. Financials from June 30, 2017, to July 29, 2022, were reviewed and considered for the rating.
The group’s “Excellent (mex)’ rating is based on its investment processes, investment resources, risk management, investment performance, and company and customer service.
“The portfolios of its main funds show consistency with their sources of risk and return. Its analysis capacity exceeds the needs of the investment universe of its main funds, the results of its analysis are of good quality, are frequently reported and are incorporated in the processes of idea generation and investment decision making,” Fitch said.
It also said the fund has robust mechanisms in place, such as investment and risk committees, that follow good corporate governance practices.
The ranking is the latest sign of Banorte’s position as a global leader.
At the end of July 2022, Operadora de Fondos Banorte occupied the fourth position in the fund market in relation to AUM, with MXN235 billion equivalent to 8.2% of the total market.