Top 100 Pension Funds 2014
David Bojanini, CEO of the Sura's holding company, Inversura

David Bojanini, CEO of the Sura's holding company, Inversura

5th November 2014

The champions of growth in assets under management were the funds of Peru, Mexico, and Costa Rica
By Santiago Gutierrez
The Top 100 Pension Funds in Latin America increased their assets under management by 2.4% in 2013, less than the already weak 2.7% GDP growth rate of the region. The reason behind this lackluster performance is the 12.7% decrease in assets managed by the 57 biggest Brazilian funds, and especially by the 11.1% drop in assets at Previ, the largest pension fund in the ranking.
“2013 was a challenging year,” said Dan Conrado, president of Previ, when presenting the fund’s annual report. He noted that a rise in domestic interest rates and a drop in prices in the local stock exchange were responsible for the weak financial results. On top of those adverse developments, a 12.8% depreciation of the Brazilian real cut Previ’s asset figures in dollar terms. Rio de Janeiro-based Previ, is owned by some 200,000 current and former employees of state-run Banco do Brasil, and reported $75 billion in assets under management by year-end 2013.
Declines in assets under management were the norm in Brazil. In fact, only one of the funds ranked on the Top 100 list, Odeprev, posted positive growth rates. Large funds like Petros (Petrobras,) and Funcef, (Caixa Econômica Federal,)also fell victim to the downward spiral that affected Previ.
The biggest manager of savings for retirement in Latin America is not Previ, but Colombian Sura. This lesser-known organization, based in …

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