Mackenzie University

It, who already is in the consultoria has nine years, also worked in Banco Ita, Banco Real, Unibanco, Banco Bandeirantes Esteve Irmos SA, beyond having lecionado in the Mackenzie University and the Mau.Acertos Institute in 2005 – In first place, the beginning of a real concern of the pension funds with regard to the conflicts of interests, as resulted of the projects of internal controls and governana, materializing itself in two main aspects: the performance of the consultants of wallet performance, that must total be free of conflituosos interests and the preparation of the politics of investments, many of which had been written for managers, in an absolutely undesirable situation. Many entities are if moving to rewrite them total. Moreover, the increase of the search for ALM studies really occurred as result of if glimpsing the possibility of the real interests, in Brazil, to fall the levels not very superior to the one of the atuariais goals, mainly in the headings of long stated period. Finally, the intense search for training for the members of the statutory agencies of the entities was another reality and must continue in economic 2006.Projees for 2006 – What it must guide many pension funds in its investments in 2006 is the perspective of consistent fall in the real interests. As consequence, we will see a bigger search for more income-producing investments, as participation in projects, FIDCs and everything more than can provide more return with controlled risk. Since the decade of 1980, and until the real plan, much people, also banks, sedimented the belief of that the inflation never would fall, in the reasonable Brazil, levels, and would perpetual live a succession of heterodox economic plans that would only control the situation temporarily. What it really happened already we know, and many of that if they had refused to review its concepts today are not more in the market.