It does not make sensible to run bigger risks at this moment. The tax of interests still is interesting and goes to continue interesting for good anos' ' , it affirms the president of the Sabesprev. Jose Sylvio Xavier.Para to base this affirmation, Xavier remembers that the current goal of the institution is of INPC more 6%. That is, the nominal Selic of projected 12,30% in the Focus research, of the Central banking, for the end of 2008 still it would take care of this goal, exactly considering an inflation in managing volume of 5%.O of providence of the Sabesprev, Cesar To sound Barbosa, it adds that below of this nvelde interests could start to have a dissolution of marriage with the current goals. But it ponders: ' ' it will be that in a economy with lower interests, the atuariais goals also will not be others? In the same way, it will be able to have a calmer and safe scene to enter with more force in the stock exchange or other investments as private equity and venture capital.

It is difficult to imagine this now, because much thing can mudar' ' , Barbosa comments. It also remembers that the Brazilian legislation imposes many rules to the institucional investors. ' ' Many restrictions of investments that exist today could more be reviewed in a economic environment tranqilo' ' , it affirms Barbosa.Se, exactly in fall, the Brazilian interests still are interesting for the national investors, for the foreigners reveal each time more attractive. According to partner of the Risk Office, Marcelo Rabatt, is not only the actions of the Committee of Monetary Politics (Copom) that they are forcing the pension funds to look other assets. ' ' This is also happening because it has new and powerful players in the public bonds market of long stated period. The foreign investors are very aggressive in the purchase of NTNDs for example.