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LAVCA | The Association for Private Capital Investment in Latin America

A non-profit member organization

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CONSAR Seeking to Increase Afores Investment Limits for Infrastructure (en español)

February 19, 2018

Mexico’s National Commission of Savings Systems for Retirement (Comisión Nacional del Sistema de Ahorro para el Retiro), CONSAR is seeking to increase Mexican pension fund’s, known as Afores, investment limits in the infrastructure sector in order to increase yields. 

(El Economista) Una de las formas en que las administradoras de fondos para el retiro (afores) puedan incrementar los rendimientos que dan a los trabajadores que ahorran para su pensión es que inviertan más en infraestructura, sugiere la Comisión Nacional del Sistema de Ahorro para el Retiro (Consar).

Para ello, se requeriría modificar la Ley del Sistema de Ahorro para el Retiro (SAR), específicamente a lo relacionado con el régimen de inversión, pues aún se tienen límites que no permiten expandir sus inversiones.

“Existe un potencial significativo para que crezca la inversión de las afores en infraestructura, ya que las reformas estructurales ofrecen una oportunidad histórica para que ello ocurra”, expone en su estudio “Inversión de fondos de pensiones en infraestructura”.

Destaca que durante el 2017, la inversión en actividades productivas en el sistema de pensiones superó 1 billón de pesos, de los cuales, 330,000 millones de pesos se destinaron a financiar infraestructura.

De este total, 159,934 millones de pesos se invierten en instrumentos estructurados como son los Certificados de Capital de Desarrollo y los Certificados de Proyectos de Inversión (Cerpis); mientras que en los fideicomisos de inversión en bienes raíces (fibras) se invierten 66,025 millones de pesos.

También en la infraestructura del sector energético, las afores invirtieron 113,546 millones de pesos en deuda emitida por Petróleos Mexicanos (Pemex) y la Comisión Federal de Electricidad (CFE), en tanto 48,925 millones de pesos se invierten en el sector vivienda, principalmente a través de certificados bursátiles emitidos por el Infonavit y Fovissste.

Por lo anterior y aunado al hecho de que la infraestructura de un país es fundamental para fortalecer su desarrollo económico, la Consar considera que en el futuro será necesario evaluar la conveniencia de que las afores que cumplan ciertas condiciones de especialización de inversiones puedan participar directamente en los proyectos de infraestructura.

DIVERSIFICAR MÁS
La Consar refiere que los fondos de pensiones en el mundo están cada vez más diversificando sus inversiones, es decir, ya no sólo se concentran en renta variable o deuda, sino también invierten en el sector inmobiliario, capital privado y en infraestructura.

Expone que los fondos de pensiones australianos y canadienses han sido pioneros —desde la década de 1990— en la inversión en infraestructura.

En el caso de Australia, cada uno de los fondos de pensiones invierten entre 5 y 6% de sus activos en el sector de la construcción, mientras que los fondos de pensiones canadienses invierten cerca de 5% de sus activos (los fondos más grandes, como el Canadian Pension Plan , hasta 8 por ciento).

FLEXIBILIDAD
Para lograrlo, contaron con una regulación flexible, bajo el principio de “persona prudente” , el cual se refiere a no establecer límites cuantitativos a las inversiones, sino a enfocase en el cumplimiento de estándares de prudencia, idoneidad, probidad y responsabilidad por parte de los administradores de fondos.

“Este principio le ha permitido a Australia y a Canadá invertir en el sector de infraestructura a escala global o al menos en una proporción significativamente mayor a la que se observa en otros países”.

La Consar concluyó que en la medida en que los inversionistas institucionales, como las afores, participen en el financiamiento de la infraestructura, se generará una mayor sofisticación de otros participantes del mercado, como los patrocinadores y estructuradores de los fondos de inversión.

“La inversión de los fondos de pensiones en infraestructura requiere dar un paso adicional en la profesionalización de los administradores. El proceso será lento y costoso, pero redundará en carteras mejor diversificadas y mayores rendimientos de largo plazo para los afiliados”, añadió.

CONSAR Seeking to Increase Afores Investment Limits for Infrastructure (en español) was last modified: February 26th, 2018 by Editor
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