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Article: Argentine plan may boot out managers; Proposal to take over private pension plans puts role of 10 providers in jeopardy.(News)
- Article from:
- Pensions & Investments
- Article date:
- October 27, 2008
CopyrightCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Drew Carter
An Argentine government proposal to nationalize nearly $30 billion in pension assets puts in doubt the future of money managers operating in that country.
Some experts say it would mean the end of business for most, if not all, of the 10 companies offering private plan alternatives to the government's social security system.
Argentine President Cristina Fernandez de Kirchner signed a bill Oct. 21 that would allow the Administracion Nacional de la Seguridad Social, the country's social security system, to take control of 94.4 billion pesos (US$29.3 billion) of assets from the private funds. The measure still needs approval ...