Corporate Moment / Terrafina, failed call and uncertain future – El Sol de México

Despite the high expectations about the future of the real estate trust led by Alberto Chretin, which has six non-binding positions on the table for the purchase of up to 100% of its certificates in circulation, Terrafina’s administration simply did not achieve sufficient quorum to discuss and eventually approve the three points to be discussed at said assembly: the internalization of advisory activities; offers from potential bidders; and Fibra Uno’s proposal to consolidate industrial assets and create a subsidiary of Fibra Uno and Terrafina. Regarding the internalization proposal, the most contradictory thing is that in the last call with analysts to discuss the first quarter results, Alberto Chretin categorically stated that Terrafina’s internal staff has all the capabilities to carry out the internalization of the trust administration. , which is the responsibility of PGIM Real Estate, the global investment management business of Prudential Financial, which is among the top 10 investment managers in the world. In this sense, beyond the possibility of selling Terrafina, the question raised by some investors is whether, in the event that none of the purchase bids are successful, Chretin and his team have the capacity to manage the trust since they do not They were able to make effective a call for an assembly that was so relevant and crucial for the trust.

Stock market potential

According to the Mexican Association of Stock Market Intermediaries (AMIB) chaired by Álvaro García Pimentel, the Finamex brokerage house directed by Eduardo Carrillo, reported at the end of 2022 a total of 16,617 accounts, and by January of this year it quadrupled to reach 71,758 accounts where 45% belong to women and the average age is 40 years. And this meteoric rise is the result of the combination of a strategy to seek a lower market segment, a modern technological platform and the design of new products, as is the case of +Pesos and recently +Cetes that add to a wide offering. of products in line with the democratization of financial investment with low entry amounts, such as capital markets, investment funds and currencies. With +Cetes, Finamex becomes the first brokerage house in Mexico that offers investors the direct purchase of instruments issued by the federal government, without commissions, and with an investment from 100 pesos without a maximum. With this product, Finamex intends to close the year with at least 100 thousand accounts, and promote clients’ transition from savings to investment and for this to grow over time; and they also work on personalized advisory models with artificial intelligence applications so that clients achieve their short, medium and long-term goals.


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