Argentina’s capital markets could lose some of their most important local investors at the end of this year as the government pushes people to move away from private pension funds to a new state-run scheme.
The country’s 11 pension funds (known as administradoras de dondos de jubilaciones y pensiones – AFJPs), which have Ps93.3 billion ($30.3 billion) under management, provided a lifeline for the capital markets during the economic crisis of 2001 to 2002 and, over the past two years, have been among the most important investors in government paper and bonds by Argentine companies.
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