President of pension regulator Consar, Abraham Vela Dib, told Fund Pro Latin America that its risk committee has approved rules for Afore investment in mutual funds, with publication in the government's Official Gazette imminent.

Giovanna Prialé, president of the AFP Association, noted that total voluntary AFP contributions had increased from USD 120 million in 2015 to USD 570 million in November 2018.

An IDB study found that retirees removing 95.5% of their pensions at age 65 made poor investment decisions or spent the money without regard for their future, noted Eduardo Morón, head of a Peruvian insurance group.

The AFPs finished 2018 with USD 71.9 billion invested in cross-border funds, 71% of which was in equities. Net outflows reached USD 1.7 billion in the fourth quarter due to the bloodbath in fixed-income funds.

One of the founders of the new asset management firm is Luis Aliste, ex director of investments for Santander Asset Mgt., The firm will focus intensively on private debt markets.