Evidence of active management of private voluntary pension funds in Colombia: a perfomance analysis using proxy ETFS

Edgardo Cayón Fallón (), Tomás Ricardo Di Santo Rojas () and Camilo Roncancio Pena ()

Estudios Gerenciales, 2010

Abstract: The purpose of this study is to find evidence that shows that either activemanagement of private pension funds in Colombia actually adds value tothe investors or, on the contrary, investors would achieve better results ifthey invested in passively managed products such as, for example, an ETF(Exchange Trade Fund). After conducting a review of data available from 30different private pension funds in Colombia and 30 ETFs that had similarinvestment goals to these portfolios, our findings reveal that, using commonperformance indicators, a Colombian investor would have a better ROI byinvesting in passively managed products (ETFs) than in portfolios currentlyoffered by voluntary pension funds in Colombia.

Keywords: Portfolio performance; active management; voluntary pension market inColombia (search for similar items in EconPapers)
JEL-codes: G1 G10 G11 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:col:000129:008388

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