Pension fund assets grow 30% in 12mths

Uruguay's four private pension fund managers, the AFAPs, saw their assets under management increase 30% during the last 12 months to 39bn pesos (US$1.33bn) at the end of May, according to the latest figures from Uruguay's central bank. In the previous month April, the system's combined assets under management were slightly higher at 39.2bn peso and at the end of last year they totaled 36.3bn pesos. Uruguay's four AFAPs are: República, Integración, Unión Capital and Afinidad. República is by far the largest AFAP with assets under management of 22.1bn pesos at the end of May, followed by Afinidad with assets worth 6.91bn pesos. The AFAPs have the majority of their assets invested in government papers. At the end of last month 55.8% of the system's total assets were invested in different government securities.