JUBILACION ACTIVA.
Author | Zellner, Mike |
Position | TT: Active retirement. |
Silenciosamente, los fondos de pensión se convierten en una auténtica fuerza en los mercados de capital de América Latina. En las 10 mayores economías de la región, los activos administrados crecieron el 25%, a US$145.000 millones, en la primera mitad de 2000; la cifra de afiliados subió el 10% a casi 41 millones en el mismo período. "Los fondos de pensión tienen un papel cada vez más importante en los mercados",dice Carlos Peyrelongue, director de fondos de inversión de Gestión Santander México.
Los fondos de pensión se han mantenido en los valores estatales de renta fija. Pero a medida que la consolidación siga adelante, exigirán a las autoridades más libertad para asumir el tipo de riesgo que genera un rendimiento más alto. Salomon Smith Barney afirma dice que las inversiones en acciones de los fondos de pensión deben crecer el 16% anual hasta 2005.
Los activos gerenciados todavía son pequeños en relación con la economía de cada país. Los US$36.000 millones en fondos de pensión en Chile equivalen al 57% de su PIB, pero en otros países la cifra es inferior al 10%. Los fondos tienen cada vez más dinero: casi US$69.000 millones en Brasil, US$19.000 millones en Argentina y US$13.000 millones en México.
Entretanto, los bancos españoles extienden su control sobre las pensiones latinoamericanas. Banco Santander Central Hispano compró el grupo financiero mexicano Serfin por US$1.600 millones en mayo y fusiona sus intereses en la región: Santander Mexicano y Genesis Metropolitan en México; AFP Unión y Nueva Vida en Perú, y Davidir y Colmena en Colombia. Santander controla más del 40% del mercado regional. Santander también adquirió recientemente Banespa, con sede en Sao Paulo.
Para no quedarse atrás, Banco Bilbao Vizcaya Argentaria compró en junio el Grupo Financiero Bancomer, de México, por US$2.500 millones, situándose a la cabeza del mercado mexicano. Ahora tiene un tercio del mercado latinoamericano. Los dos titanes españoles controlan dos tercios de este mercado.
Aunque continúa el forcejeo por los primeros lugares, la pelea a nivel local es por el rendimiento. Los...
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