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Colombian pension funds gain speed. Eleven out of the top 15 funds decreased their assets under management. The number of affiliates to the pension system increased to 74.4 million. There are 60 Brazilian funds among the top 100. Mexican Principal, a growth champion.

Over the past three years Colombia has become the hotspot for pension savings in Latin America. Colombian Porvenir grew at an 18 percent compound annual rate from 2009 to 2011. That is the biggest increase among the top 15 funds, which manage 61 percent of the assets held by the 100 funds listed in this year´s Latin Business Chronicle ranking.

Mexican Sura posted a 17 percent growth rate over the period, the second highest among the top 15 group. But Sura has a Colombian connection as well. The $15.2 billion-asset fund was owned by Dutch ING until 2011, when it was bought by Colombian Grupo Sura in a $3.7 billion deal.

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