Mexico City. For several months now, wealth management clients, those who invest or make decisions in the country, have been discounting the uncertainty that exists in Mexico as a result of the reforms that the Executive is seeking to approve or the government transition, said Jean Marc-Mercier, CEO of Invex.
And although volatility and uncertainty are expected to remain at least until October, when Claudia Sheinbaum assumes the presidency of Mexico, the country can navigate an environment like the current one where even the exchange rate (the peso against the dollar) reaches levels of 20 pesos per dollar, he said.
“Although there is a peak (of uncertainty) due to the issue of (judicial) reform, clients at this level do have a certain sophistication and have discounted much of what is happening, although they are very alert and prepared to move their investments and money a little.
“But at the moment we have not seen any extreme volatility, (uncertainty) has been discounted over time, and from a macroeconomic point of view things have not changed drastically either. The exchange rate has undergone a significant change, but we are below what we were six years ago,” said the banker in a press conference.
He said that a level of 20 pesos per dollar “is an adequate point, even when it was at 16.50 units we already saw it as something that was beginning to cause harm.”
Early in the morning, the Chamber of Deputies approved in general terms the reform to the judicial branch, included among the series of initiatives that President Andrés Manuel López Obrador sent to Congress last February. And this morning said reform was approved in particular, so now it will be discussed in the Senate.
“Right now, although people are very expectant, we cannot say that they are calm, nor do we see any worrying shocks… October will be an interesting time to understand this change, we are in a transition… On October 1st, investors will make clearer decisions,” added Jean Marc-Mercier.
Esteban Martínez, general manager of wealth management at Invex, also commented that part of the uncertainty in Mexican markets is not something exclusive to the internal situation, as other factors such as the elections in the United States or the tensions in the Middle East have an impact.
During the conference, Invex announced the launch of its wealth management banking, a new offering with various service and product options that combine both digital banking and the support of a specialized team for its clients.
The service offers capital, funds, money market, exchanges and structured notes and additionally, its portfolio includes retirement products, options to send funds to the United States and others such as investment credit, trusts, leasing and credit cards.
#Banking #investors #discounted #uncertainty #reforms #Invex
– 2024-09-06 07:00:10
