(Bloomberg) -- Sura Investments expects to benefit as manufacturers seek to move production facilities near the border between Mexico and the US, a trend known as “nearshoring.”

The company, a wealth management and corporate solutions unit of Medellin-based Sura Asset Management SA, is focusing its operation in Mexico on offering programs such as pension savings plans — the local equivalent of a 401(k) — to companies to provide for their employees.

Sura Investments has been able to double its assets under management in Mexico during the administration of President Andrés Manuel Lopez Obrador. It expects the boost from nearshoring to outweigh any additional market or currency volatility from the electoral processes now underway in both Mexico and the US. 

“More companies are going to Mexico as their production center,” Chief Executive Officer Gonzalo Falcone said in an interview. “Those companies have employees and the pension plans or other solutions are retention tools.”  

Sura Investments manages more than $20 billion in assets, of which $10.6 billion corresponds to corporate solutions. In Mexico, it manages $7.3 billion of which $3.9 billion comes from corporate solutions with a 23% market share, the company said. 

Sura has grown its market share in Mexico by offering products such as “lifecycle funds,” which automatically adjust from riskier investments at the beginning of a client’s worklife to safer securities as they age and approach retirement. 

“There’s great potential in Mexico as there are a lot of companies,” Falcone said. “There is much more contribution capacity from the employees themselves to contribute to their plans.” 

Sura’s clients include the Mexican units of Coca-Cola, General Electric and Nvidia, as well as Mexico’s Grupo Bimbo. 

“We are confident in our ability to double our assets under management in the next five years,” the CEO said.

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