Tomas Acosta Álvarez, who has served as the Chief Investment Officer at Citibanamex Afore SA de CV since April 30, 2020, is reportedly leaving the firm. Citibanamex Afore focuses on managing pension funds through various Specialized Pension Fund Investment Companies (SIEFOREs), aiming for profits through safe and responsible investments with a medium-to long-term horizon for workers' pensions. The firm manages five basic SIEFOREs and an additional one for voluntary savings. This move follows previous reports in 2017 about a Mexican pension fund CIO exiting to join a rival, though it's unclear if this is the same event.
Separately, Andres Moreno, Chief Investment Officer for Afore Sura, the third-largest pension manager in Mexico overseeing 1.4 trillion pesos ($81.8 billion), recently stated in April 2026 that the firm is looking at further investments in Mexico's financial sector. This comes after Afore Sura acquired a stake in Citigroup Inc.'s retail bank Grupo Financiero Banamex, indicating a broader trend of investment opportunities despite challenges from fintech startups and fee pressures.
Afore Banamex, established in 1997, has also seen recent ownership changes. Fernando Chico Pardo acquired a 25% stake in the Banamex parent in December 2025 and is now its chair. Additionally, General Atlantic and Afore Sura committed to acquiring a combined 24% stake in 2026. Citigroup, which founded Afore Banamex, is currently divesting its controlling interest, creating a dynamic landscape within the Mexican pension fund sector.
