ANSIAS DE FUSION.
Author | Zellner, Mike |
Position | Fondos de retiro, Brasil - TT: Willing to merge. - TA: pension funds, Brazil |
Los fondos de pensión latinoamericanos comienzan a consolidarse a velocidad vertiginosa. ¿Será Brasil el próximo?
EN CIERTO MOMENTO DE 1998, LOS gerentes de los fondos de pensiones perdieron la paciencia. Año tras año, la cantidad de afiliados ha crecido, pero aparentemente, no con la rapidez suficiente para los más impacientes del grupo. De pronto, adquirir una participación de mercado dominante e incrementar velozmente los activos se ha convertido en una gran prioridad.
En general, la cantidad de latinoamericanos afiliados a un fondo de pensión creció el 13%, a 37 millones, en el período de 12 meses que concluyó en junio de 1999, según el Ranking de Fondos de Pensión anual de LATIN TRADE. Los activos disminuyeron aproximadamente el 3% a US$117.000 millones, debido mayormente a la devaluación de la moneda brasileña en enero de 1999. El número de fondos se ha reducido en 10, a 421, pero hubo grandes fusiones en Chile, Argentina y México. Y vienen más.
En Chile, el mercado de pensiones privadas más antiguo de la región, Provida y Protección se fusionaron, al igual que Summa y Bansander, de modo que los cinco fondos principales ahora controlan el 50% del mercado. Del mismo modo, los dos fondos principales de Argentina se fusionaron, al igual que Profuturo GNP e Inbursa en México. Los gerentes de fondos parecen estar ansiosos por alcanzar una participación de mercado del 10% para escapar antes de convertirse en presa del resto.
A la cabeza de la arremetida están los bancos españoles Banco Bilbao Vizcaya (BBV) y Banco Santander Central Hispano. BBV devoró una participación del 40% en el líder del mercado chileno, Provida, con casi US$11.000 millones bajo su administración. Ha comprado e incrementado sus intereses en administradoras de fondos en Colombia y México. La fusión de BBV con el banco español Argentaria Caja Postal & Banco Hipotecario fortalece su liderazgo en el campo de las pensiones, con casi un...
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