Banorte-Ixe and Silva Capital to create a new mutual fund.

Mexico City, August 27th, 2013 - Silva Capital Management, LLC (Silva Capital) and Banorte-Ixe Funds (Banorte-Ixe) are set to launch a fixed income investment vehicle in Mexico with a strategy focused on peso denominated sovereign bonds (Mexican exchange code NTESEM: Norte-Silva Estrategia México). The mutual fund is based on Silva Capital's Mexican Local Sovereign Strategy that has been active since May 2010.

The new fund will be a collaboration between Silva Capital and Banorte-Ixe, combining Silva Capital’s expertise in Mexican markets within the support and unrivaled infrastructure that Banorte-Ixe offers in Mexico. As such, Silva Capital will advise on fixed income investment decisions while Banorte-Ixe will provide day-to-day fund administration. The fund targets yields between 200 and 250 basis points over CETES. The investments are considered highly liquid and, upon launch, will carry a local AAA-7 Fitch rating.

Silva Capital and Banorte-Ixe will seek corporate clients as investors, as well as family offices looking to invest in Mexico. The fund is set to launch upon receiving final regulatory approval expected at the start of the fourth quarter.

About Banorte

Founded in 1899 as the Banco Mercantil de Monterrey, Banorte is the third largest bank in Mexico measured by size of deposits and loans, with a market share of 14 percent in deposits. Banorte serves more than 10 million customers and offers a wide array of products and services to suit their needs (individuals, SMEs, corporations, and government entities). For more information, visit

About Banorte-Ixe Funds

Banorte-Ixe Funds has assets under management totaling MXN 115.5 billion in its investment portfolios, representing 7.2% of the Mexican asset management market. Banorte-Ixe currently manages 43 funds, of which 26 invest in fixed income and 17 in equity.

About Silva Capital Management

Silva Capital is an asset management firm based in Chicago, IL. It specializes in emerging market debt (EMD) and currency management, through funds and a managed accounts programs. Silva Capital provides clients with advice on interest rate and currency risk management, and offers long only and absolute return strategies. For more information, visit


In Chicago, Illinois

Alejandro Urbina, Silva Capital Management, LLC
Phone: +1 312 397 0400

In Mexico City, Mexico

Alejandro Vazquez, Banorte
Phone: +52 (55) 5268 1663

Silva Capital Management LLC