Pension funds Previ, Petros and Funcef have set up a working group to study the possibility of reorganizing their investments by industry. In particular, they plan to regroup investments in power and telecommunications. At present they hold significant stakes in Telemar, Brasil Telecom, Telemig Celular, and Amazonia Celular. According to Guilherme Saraiva, president of Funcef, industry-based funds will be created by the end of 2003.
In the long term the initiative won?t be limited to Previ, Petros, and Funcef. They plan to invite BNDES, the national development bank, and international pension funds to join them in specific industries, says Wagner Pinheiro, president of Petros.
Another sign of unity is the reaffirmation that Previ, Petros and Funcef are seeking a joint solution to the impasse with Opportunity on the boards of the telcos it manages. ?The legal battle is ongoing,? says Wagner Pinheiro. ?We?re acting as a block and we all want the same solution.? In other words, none of the funds will agree to proposals that don?t involve all three, such as the offer Opportunity made Previ to unwind cross-ownership in telecoms.