The more than five million participants to the private pensionssystem will find out every six months where their money has beeninvested after the Private Pensions Supervisory Commission (CSSPP)has approved a norm whereby it forces fund managers to publish thedetailed structure of their portfolio.
Market players say the new regulations will lead to increasedconfidence of clients in the private pensions system, but on theother hand expect the improved transparency to also come at acost.
"Of course the new provisions increase the industry's level oftransparency significantly, and are meant to strengthen confidencein the system of privately managed pensions. However, I don't thinkwe can ignore the prospective negative side effects. I am talkingabout a potential focus across the entire system on certain typesof investments and exposures (...)," believes Iulius Postolache,investment manager of Allianz-Ţiriac, the second-biggest privatepensions manager.
Pension funds had up until now published only the structure ofinvestments by types of instruments (T-bills, equity or bankdeposits). Eureko is the first private pension manager whopublished the detailed structure of investments at the beginning ofMarch.
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