Legg Mason will advise a Mexican money manager on investment funds to be sold there under a new partnership announced Tuesday.

Legg Mason announced it has established a strategic alliance with Corporación Actinver that allows the Mexican financial services firm to manage and sell funds to its clients based on investment advice from the Baltimore-based firm’s affiliates.


Headquartered in Mexico City, Actinver is Mexico’s largest private bank and provides a variety of wealth and asset management services.

“With the population of Mexico as well as the number of people accessing banking services expected to increase over the next 20 years, we see substantial growth potential in the country,” said Lars Jensen, Legg Mason’s head of Americas International. “We’re thrilled to partner with Actinver, and we’ll continue to develop additional solutions for the Mexican investor together.”

Legg Mason has cut its corporate workforce by 12 percent, laying off 120 people, including 100 spread evenly between Baltimore, New York and Stamford, Conn.

Actinver will manage and offer funds using investment models from Legg affiliates Clear Bridge Investments, Martin Currie and Western Asset Management. Terms of the arrangement were not disclosed.

“This exclusive agreement provides Mexican investors with a robust lineup of funds featuring investment strategies designed and maintained by world-class investment managers,” said Alonso Madero, CEO of Actinver’s asset management unit. “By expanding access to international markets, we’re enhancing opportunities for diversification.”

Actinver has $469 billion in assets under management, serving roughly 200,000 clients. It operates in 23 of Mexico’s 31 states.

Legg Mason reported $768 billion in assets under management at its nine affiliates as of April 30. Legg shares were up 26 cents in midday trading Tuesday, changing hands at $37.25 each.