Many blame artificially high commissions, an ailment afflicting much of Mexico’s financial system. Mexican funds, which manage some $65 billion – making them the country’s biggest institutional investor – generated an annual real return of 8% over the past decade. However, sector regulator Consar says investors see only about half of that because of the commissions. That compares with a 17% return in Chile’s private pension system in 2006. Peru’s top-performing pension fund, Prima, generated returns of between 18% and 30%...
