AFJPs contributions up 77% in Q1

Argentina's pension fund managers AFJPs received contributions totaling 963mn pesos (US$331mn) in the first quarter of this year, up 77% compared to the same year earlier period, according to a report from local university UADE. 1Q04 contributions rose 22.39% compared to the previous quarter. The increase in contributions is due in part to the rise last year in gross average commission within the pension system, which increased to 7% from 5% of workers' salary, UADE said. The Argentine private pension system boasts 12 AFJPs with a total of some 800,000 affiliates. AFJP Orígenes proved the country's top private pension manager as of end-March with 2.3 million affiliates and a 24% stake in the country's pension market.