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UPDATE 1-Mexican pension funds measure up to benchmarks

Mon Sep 4, 2006 6:14pm ET3D169

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(Adds details after paragraph 4, byline)

By Noel Randewich

MEXICO CITY, Sept 4 (Reuters) - Mexico's private pension fund = industry,=20 dominated by foreign banks, has created customized portfolio benchmarks = to make=20 each investment plan more transparent, the industry regulator said on = Monday.

Fund managers in the sector, which includes Citigroup (C.N: Quote,=20 Profile,=20 Research)=20 and BBVA (BBVA.MC: Quote,=20 Profile,=20 Research),=20 have created a "reference basket", meant to reflect the investments each = manager=20 expects to make, as well as a broad breakdown of their funds' actual = holdings.=20

The benchmarks categorize investments in general terms like local = versus=20 foreign bonds, and Mexican stock indices versus international indices. = They fall=20 short of specifying individual investments held by the funds.

The announcement by industry regulator Consar had been awaited by = some=20 investors who have speculated that bonds and stock indices, like = Mexico's IPC=20 index <.MXX>, could get a boost from inclusion in the benchmarks.

Citigroup's Banamex pension fund, the largest in the industry, = currently has=20 no Mexican stock exposure but expects to commit 2 percent of its assets = to the=20 local stock market, according to Consar's website.

Competitor BBVA's pension fund operator expects to eliminate its = 1-percent=20 investment in local stocks and eventually raise its assets in foreign = equity=20 indices to 12 percent, according to the website.

Since the "reference baskets" describe only categories of investments = and not=20 specific securities, it will not be possible to compare funds' returns = to those=20 of their benchmarks.   Continued...=20

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