4 limitaciones de las AGF para convertirse en Inversores de Pensiones Privados

En un reciente artículo publicado en El Mercurio Inversiones, Vito Sciaraffia, CEO de Altafid, hace una reflexión sobre las limitaciones que las administradoras generales de fondos podrían enfrentar en su camino para convertirse en inversores de fondos de pensiones, dentro del contexto de la nueva reforma de pensiones que se está discutiendo en el Congreso.

En primer lugar, Sciaraffia destaca que "la industria de los IPP estará sujeta a una regulación muy estricta que empresas pequeñas tendrán dificultad de cumplir" y que probablemente “habrán requisitos de capital altos”. Además, en el caso particular de las fintech, Sciaraffia cree que "serán pocas las que estarán preparadas para el desafío”.

A continuación, Sciaraffia hace un análisis del mercado de las AFP en Chile y señala que "el negocio de las AFP se ha ido consolidando en un número reducido de actores, el cual sería aún menor si no se hubiese introducido la licitación por afiliados nuevos en la segunda mitad de los 2000" y que "existen importantes diferencias en las comisiones cobradas, donde algunas AFP más que duplican lo cobrado por otras".

Según Sciaraffia, esto es indicativo de una competencia deficiente en el mercado, que tiende a formar un oligopolio. Sin embargo, no todos ven con malos ojos las regulaciones al avisaje, ya que él mismo destaca que "me gusta que se acaben las fuerzas de ventas. Eso y otros gastos, como la publicidad, terminan siendo pagados por los afiliados".

Por último, Sciaraffia afirma que "es natural que en un sistema democrático las partes interesadas hagan llegar sus puntos de vista al legislador y al gobierno. Me imagino que la Asociación de AFP expondrá en el Congreso en diversas oportunidades a lo largo del proceso de discusión de la reforma, ya que es algo normal en Chile y la ley lo regula”.

Related authors: Vito Sciaraffia

Full article: https://www.elmercurio.com/Inversiones/Noticias/Analisis/2023/01/09/1019196/4-preocupaciones-agf-ipp.aspx

Media: El Mercurio Inversiones

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