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Administración de fondos de pensiones y multifondos en Colombia

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  • Alejandro Reveiz

    ()

  • Carlos León

    ()

Abstract

Este documento evalúa la regulación vigente relacionada con la inversión de los recursos de los Fondos de Pensiones Obligatorios (FPO), para lo cual se analiza el perfil de eficiencia del sistema dadas sus actuales restricciones. De acuerdo con los resultados obtenidos, se observa que el marco regulatorio de las inversiones de los FPO restringen el retorno esperado y hace que los administradores de portafolios no accedan a niveles superiores de retorno por unidad de riesgo con mayores beneficios de diversificación. Las propuestas apuntan hacia la flexibilización de las restricciones a las inversiones y a su adecuación al perfil de riesgo de los cotizantes, utilizando para ello el esquema de multifondos implementado en otros países de la región.

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Bibliographic Info

Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 506.

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Handle: RePEc:bdr:borrec:506

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Related research

Keywords: Regulación de los Fondos de Pensiones Obligatorios; Fronteras Eficientes; Multifondos; Portafolio de Referencia. Classification JEL: G18; G11; G23.;

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Cited by:
  1. Carlos Leon & Juan Mario Laserna, . "Asignación Estratégica de Activos para Fondos de Pensiones Obligatorias en Colombia: Un Enfoque Alternativo," Borradores de Economia 523, Banco de la Republica de Colombia.
  2. Alejandro Reveiz & Carlos Eduardo León, 2008. "Efficient Portfolio Optimization in the Wealth Creation and Maximum Drawdown Space," BORRADORES DE ECONOMIA 004732, BANCO DE LA REPÚBLICA.
  3. Javier Alonso & Carlos Herrera & Claudia Llanes Valenzuela & David Tuesta, 2010. "Simulations of long-term returns and replacement rates in the Colombian pension system," Working Papers 1029, BBVA Bank, Economic Research Department.

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