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31 January, 2016

Press Release FIAP Seminar 2014 – Opening International Seminar

The 12th International Seminar FIAP and the 1st International Conference of the Peruvian Association of AFPs were inaugurated


• This event addressing the private pension system brings together hundreds of representatives of the AFPs and the national and international financial systems, members, regulators, academics, legislators, and Government officials from more than 30 countries.

• On the second day of the Congress, Thomas J. Sargent, Nobel Laureate in Economics, will analyze the AFP model in the region.

Cusco-Peru, May 15, 2014. The debate on the local and international performance of the private pension systems was inaugurated today, with great expectations.  The inaugural addresses were delivered by Guillermo Arthur, President of the International Federation of Pension Fund Administrators (FIAP) and Luis M. Valdivieso, Chairman of the Peruvian Association of Private Pension Fund Administrators (AAFP), who highlighted the trajectory of the AFPs in Peru in their first 20 years.

The 12th International Seminar of the International Federation of Pension Fund Administrators (FIAP) and the 1st International Conference of the Peruvian Association of Private Pension Funds (AAFP), entitled “Reinforcing the Foundations of the Individually-Funded Pension System to Ensure its Sustainability,” was held on May 15-16 in the city of Cusco, Peru.

The main presentation entitled “Individual Savings and Economic Freedom” was delivered by Hernando de Soto, a prominent Peruvian Economist, considered one of the most influential Latin Americans in the world.

The topics addressed in the first part of the day aimed at identifying the mechanisms that enable reinforcing the fundamental pillars on which the sustainability of the individually funded pension system rests.

Santiago Levy, Vice President of Sectors and Knowledge, of the Inter-American Development Bank (IDB); Augusto de la Torre, Chief Economist for Latin America, World Bank; the Minister of Economy and Finance, Luis Miguel Castilla; the Chairman of the Central Reserve Bank (BCR), Julio Velarde; the Superintendent of Banking and Insurance, Daniel Schydlowsky; and Pedro Pablo Kuczynski, former premier and ex-Minister of Economy, among others, also spoke during the Congress.

Thomas Sargent, the 2011 Nobel Laureate in Economy, one of the most influential American economists in the world, will close this event. There will also be sessions in which the main factors affecting the development of the individually funded system, the returns of managed funds and instruments available for the management of risk in uncertain conditions, corporate governance practices, transparency and relations with members and pensioners, and, finally, the coexistence of alternative contributory pension schemes, will be discussed.

According to FIAP data, there are more than 120 million members of private pension systems similar to the Peruvian system worldwide, with managed funds of more than US$ 700 billion. Representatives of the European private pension funds, who manage more than 3,500 billion dollars, will also be attending.

This event is expected to be of considerable benefit to the market, promoting the development of actions and policy proposals for the improved performance and sustainability of the Private Pension System, in particular, and the financial system, in general.

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