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2007 | The insurance of catastrophic risk in the European Union and the global changes | 159--174
Tytuł artykułu

Danger of Ruin of Pension Resources to be Faced while Investing in Hedging Funds

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A multitude of potential dangers that pose some threat of ruin of pension resources require to undertake attempts to model a process of managing the risk in question. Discovering risks that are most probable or that may be effectively eliminated is an important element of the process. Such risks include present or future mismanagement of investing pension resources. This is the background for asking a question if changes in principles behind investment made towards hedging or purchases of hedging fund certificates result in emergence of such unwelcome risk. A necessity for undertaking this issue arises in the context of practice of American and British private pension funds that use a possibility to buy hedging fund units. May and should this practice be transferred to Poland or on not - since such transfer may result in excessive investment risk that might even turn out to be catastrophic risk. Some discussion whether to liberalise principles of investing pension funds is becoming up-to- -date because of drafts that aim at regulation of the homogeneous market of financial services in the European space and a Minister's of Finance regulation draft that stipulates for allowing Open Pension Funds (Otwarte Fundusze Emerytalne - OFE) to invest in derivatives. However, the goals of the article have been exclusively limited to issues that are related to investing in participation units of hedging funds and it is not author's intention to present widely understood liberalisation of investment principles. In order to answer the question asked above, it is first necessary to find out whether within the present legal framework it is possible for OFE to invest in hedging funds and also if the actual structure of pension resource deposits in Poland reveals any interest in purchasing participation units of investment funds that - similarly to hedging funds - invest entrusted means or rather if pension funds trust their own independent investment activities more. (fragment of text)
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