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Estudio régimen de inversión de inversionistas institucionales

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  • David Salamanca

Abstract

Este trabajo, preparado como parte del programa de trabajo de la Misión de Mercado de Capitales de Colombia, identifica los principales administradores de activos con regímenes reglados (AFPs, Aseguradoras, Recursos Pensionales y Excedentes de Liquidez) manejan activos por cerca de COP$470 billones. Para ellos describe la composición de los portafolios administrados y analiza los incentivos provistos por los regímenes de inversión actuales, comparándolos con otros referentes de gestión de activos en el país e internacionalmente. Se concluye que existe una heterogeneidad amplia entre los inversionistas institucionales sujetos a regímenes de inversión y en este sentido la utilización de un modelo único de regulación no parece ser lo más adecuado. Para actores con tamano y capacidades suficientes para definir los lineamientos estratégicos de asignación de activos y para monitorear la gestión por parte de administradores delegados, regímenes más sencillos y alineados con los principios del hombre prudente pueden ser convenientes mientras para entidades menos sofisticadas y que administran portafolios de menor tamano, esquemas con directrices generales más detalladas pueden requerirse.

Suggested Citation

  • David Salamanca, 2019. "Estudio régimen de inversión de inversionistas institucionales," Informes de Investigación 18131, Fedesarrollo.
    • Handle: RePEc:col:000124:018131
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    File URL: http://hdl.handle.net/11445/3904
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    More about this item

    Keywords

    Regulación Financiera; Regímenes de Inversión; Inversionistas Institucionales; Inversiones; Colombia;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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