Colombia Takes Aim at $9 Billion Fund Market Notorious for Huge Fees [BNN Bloomberg (Canada)]
Ecopetrol S.A. American Depositary Shares (EC)
US:NYSE Investor Relations:
ecopetrol.com.co/wps/portal/web_es/ecopetrol-web/corporate-responsibility/sustainability/bank-of-best-practices/investors
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Source: BNN Bloomberg
The government will change the rules to allow brokerages to offer so-called voluntary pension funds, according to a Finance Ministry official with direct knowledge of the matter. These vehicles enjoy tax breaks, but annual charges of 3 percentage points are common, even for funds that do little more than track benchmarks such as Colombia's Colcap, or the MSCI All Country World Index. The finance ministry's regulation unit will modify a decree to authorize brokerages to enter this market, said the person, who asked not to be identified as the changes haven't yet been made public. The rule change is likely to take effect within weeks, the person said. Despite their name, the voluntary pension funds don't necessarily have to be used for retirement savings, and money in them can be withdrawn after ten years with no tax penalty. They are separate from the main private pension system, which has about $106 billion under management. A total of 14 providers including pension fund mana
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EC
Sec Filings
- 5/13/24 - Form 6-K
- 5/10/24 - Form 6-K
- 5/8/24 - Form 6-K
- EC's page on the SEC website