AFAPs held US$1.2bn in assets Nov.28

Uruguay's pension fund managers, known as AFAPs, held assets under management totaling US$1.2bn as of November 28, according to latest statistics from the central bank and reported by local daily La Republica. AFAP Republica held the highest stake in the pension market with 58% of total assets under management, followed by AFAP Afinidad (17.7%), AFAP UnionCapital (17.1%) and AFAP Integracion (8.3%). Of total assets administered, 75% were invested in government bonds or papers issued by state mortgage bank Banco Hipotecario del Uruguay and the central bank. AFAP UnionCapital led the pack in terms of profitability ratios at 33.7% as of end-November, followed by AFAP Afinidad (33.1%), AFAP Republica (31.7%) and AFAP Integracion (28.7%).