Interview of Vladislav Russev, member of the Managing Board of BASPSC in the TV Program “In Development”, on Bloomberg TV Bulgaria – March, 8th 2022.
Vl. Russev: The crises will be overcome and there will no collapse of the economy.
The changes for the pension insurance funds will be short-term – we will not reconsider the strategy, said the Chief Executive Director of the PIC Allianz Bulgaria.
Whatever happens there will be no collapse of the economy, this crisis will be overcome no matter how severe from humanitarian point of view. This was commented on Bloomberg TV Bulgaria by Vladislav Russev, Deputy Chairman of the Managing Board and Chief Executive Director of the Pension Insurance Company – PIC Allianz Bulgaria.
According to him, from the point of view of the pension funds the will be short-term. “I do not believe there will be a need for a general rethinking of the strategy. At the moment the most important is to limit the damage to the investments and to position ourselves in the right way for growth that will inevitable come”, he said.
Russev reminded, that Russia has perceived as risky location for investments and is categorical that this attitude will not require general changes.
The guest confirmed that this is not the first financial crisis, during which the sector will go through. “We can search analogies with other similar crises, the last one was 2020 when the corona crises began. Then the markets fell more than now. The fall started in February, in our financial pension funds it was around 10%, but by the middle of the year was overcome, commented the financier.” – At the moment the falling of the markets is not under the levels we started in 2021. This means that the profitability of the markets from 2021 has not been erased.”
He reveals that for the last three years the yield is about 15%. “This which currently are the markets loosing is one third if this positive return for the last three years,” said Russev.
The financier shared that certain news make the markets to react positively. “This is what is happening today with the European markers that reacted positively to the news for the issuing of the European bonds for the defense and energy support”, stated Vladislav Russev.
What is the current state of the financial markets? How would the central banks react if the sanctions are extended and an embargo on energy sources and raw materials is reached? When will there be portfolios with different risk profile depending of the age of the client? See the whole interview in a video of Bloomberg TV Bulgaria тук