The Limits of Sharing: Collusion in Pension Fund Management
By Ernesto Brodersohn
Last week the Federal Competition Commission of Mexico (Cofece) published its resolution of its investigation into four Pension Fund Administrators in Mexico: Principal Afore, Profuturo GNP Afore, Afore XXI Banorte, and Afore Sura. These four pension fund administrators (Afores) colluded to limit switching among pension fund administrators, thus decreasing competition. Cofece, considered that antitrust harm was enough to merit fines on the four Afores and 11 individuals involved in the cartel, together amounting close to $60 million-dollars.
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