Printer Friendly

THE PILGRIM GROUP AND ACCI WORLDWIDE, AN AFFILIATE OF BANCO NACIONAL DE MEXICO (BANAMEX), JOIN FORCES TO MANAGE NEW PILGRIM 'ALL-AMERICAS' FUND

 LOS ANGELES, Nov. 12 /PRNewswire/ -- The Pilgrim Group, a Los Angeles-based mutual fund company, announced that Acci Worldwide, S.A. de C.V., an affiliate of Banco Nacional de Mexico, S.A. (Banamex) will be the sub-advisor for the Pilgrim All-Americas Government Income Trust, a new mutual fund that seeks to provide high current income through an investment in debt securities issued or guaranteed by the governments of the United States, Mexico and other North and South American countries; and investment grade debt instruments issued by corporations in those countries.
 "We believe that the best way to manage that portion of the portfolio that invests in Mexican government and corporate debt is to have a local sub-advisor who knows the territory, because they are in the territory," said Palomba Weingarten, chairman and chief executive officer of The Pilgrim Group. "And when it comes to investing in Mexico, the Banamex group is at the top of the list. They are a part of Mexico's largest financial services holding company and have been providing financial services throughout Mexico for over 100 years. We are extremely pleased to join forces with such a respected and talented organization," Weingarten added.
 "We are very impressed with The Pilgrim Group and its record of top performance in the management of its adjustable rate mortgage funds," said Jacques Levy, deputy president, International Division, Banamex. "We are confident that the combination of the Banamex group and Pilgrim will provide investors with a unique opportunity to participate in the benefits to be derived from the increasingly integrated economic relationships and reduced barriers to free trade among our two countries," Levy added.
 Banco Nacional de Mexico S.A. (Banamex) and Accival, the leading securities firm in Mexico, are subsidiaries of Grupo Financiero Banamex- Accival (Banacci), the largest financial services holding company in Mexico. In 1992, Accival accounted for 38 percent of all assets under management in Mexico and 30 percent of the securities industry's earnings. Acci Worldwide, S.A. de C.V., is a fully owned subsidiary of Accival.
 The Pilgrim Group is a Los Angeles-based mutual fund company which manages 19 mutual funds serving the needs of more than 170,000 investors with approximately $3 billion in total assets under management.
 -0- 11/12/93
 /CONTACT: Jeff Lloyd, VP-marketing, 310-551-0833/


CO: The Pilgrim Group; Banco Nacional de Mexico ST: California IN: FIN SU: JVN

JB-EH -- LA018 -- 3763 11/12/93 14:21 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 12, 1993
Words:404
Previous Article:AMERICA ONLINE FEATURES TIME MAGAZINE'S NEWSMAKER EVANGELIST BILLY GRAHAM IN LIVE EVENT; INTERACTIVE EVENT SET FOR TONIGHT
Next Article:THE CENTURY PLAZA HOTEL ANNOUNCES HOLIDAY SHOPPING PACKAGE
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters