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Theoretical and Applied Economics
No. 12 / 2012 (577)

The lessons of the crisis on pension funds portfolio management

Ecological University of Bucharest

Abstract. Portfolio management in crisis conditions showed that major turbulence come from within the financial system. In such a context, a first answer to the investors (and pension funds make no exception) manifests itself through the growth of liquidity preferences. Recent studies have shown that monetary political shocks have a considerable effect over the dynamic and composition of the capital flows, with influences that reach the structure on categories of assets of the pension funds’ portfolio. For example, due to an interesting profile of the risk-profit ratio, listed private equity (LPE) funds are more and more attractive for the institutional investors, among which are the pension funds administrators. Last but not least, the existence of an insuring system of the participants’ contributions and/or benefits to the pension funds is extremely useful, considering that it is able to harmonize a large variety of interests.

Keywords: liquidity; monetary policy; listed private equity; reserve funds; guarantee funds.

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