Mexico's BBVA Bancomer Launches Local Market's 1st BRIC Fund

MEXICO CITY (Dow Jones)--Mexican bank BBVA Bancomer said Tuesday it launchedthe first mutual fund on the local market that seeks to tap the exceptionalgrowth prospects of the so-called BRIC countries - Brazil, Russia, India and China.

BBVA Bancomer, the local unit of Spain's Banco Bilbao Vizcaya Argentaria (BBV), said in a press release the fund will focus on stocks in those four countries,which combined are expected to account for 12% of the global economy this year.

The BRIC fund will invest in exchange traded funds, or ETFs, that are tradedon the Mexican stock exchange's international system.

The fund's weighting will be 36% China, 28% Brazil, 21% Russia and 15% India,although the ETFs in which it invests could vary.

BBVA Bancomer said the Mexican market for mutual funds has more than doubledin assets since 2004 to 854 billion pesos ( $80 billion), and that it is thebiggest fund manager with a 21.4% market share, or MXN182 billion undermanagement.

-By Anthony Harrup, Dow Jones Newswires; (52-55) 5080-3450; anthony.harrup@dowjones.com

(END) Dow Jones Newswires 03-04-08 1608ET Copyright (c) 2008 Dow Jones & Company, Inc.