The Mexican Association of Retirement Fund Administrators (amafore) He reported that Guillermo Zamarripa Escamilla will be the new president of the union of Afores from April 10.
The Amafore explained that Zamarripa Escamilla will promote the strengthening of the industry for the benefit of the workers and will strengthen their confidence in the retirement savings system.
In the same document, Guillermo Zamarripa explained that pension funds have had significant growth in the world and retirement fund administrators (Afores) in Mexico are part of this and it is important that people know the benefits offered by the sector.
“It is vital that a healthy development of the sector be maintained and strengthened because today the Afores manage resources equivalent to 20% of the Gross Domestic Product (GDP), and growth of up to 50% of GDP is expected in the next 25 years” , said the new president.
Zamarripa Escamilla will occupy the position in a context where fund managers are recovering from the 0.57% cap on commissions charged on workers’ balances, their main source of income, and which came into effect last year.
The new owner of Amafore will also come into operation in a period of high volatility in the market that has impacted the balance of workers, but also the industry, since the lower the managed balance, the lower the base to collect the commission.
In addition, it will arrive when the fund managers have a quarter working with the first generation of pension advisors who replaced the promoters as part of the regulatory changes of the Retirement Savings System.
Replaces Gonzalez Rosas
The announcement by the head of Amafore comes exactly three months after Bernardo González Rosas left office as head of the union of retirement fund administrators.
In this sense, the association recognized and thanked the work of González Rosas who, during his tenure, marked a watershed in the industry with the reform of the Retirement Savings System (SAR), approved in December 2020.
“This reform transformed the system, updating and resolving issues that were pending for several years, which represented a benefit for more Mexican men and women, by giving them the opportunity to access a pension and that it be higher,” the association pointed out.
The profile of the new manager
Prior to taking office, Zamarripa Escamilla was in the general direction of the Fundación de Estudios Financieros (Fundef) for 13 years and closed its operations on March 24.
The new president of Amafore has also been a professor at the Autonomous Technological Institute of Mexico (ITAM) and was head of the Banking, Securities and Savings Unit at the Ministry of Finance and Public Credit (SHCP) from 2005 to 2010. Additionally, he has served in various positions in the National Banking and Securities Commission (CNBV).
