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Ítem Análisis de los fondos de pensiones obligatorias en el desarrollo y evolución del sistema financiero colombiano(Universidad EAFIT, 2019) Arcos Navarro, Viviana; Alegría, Caroline; Tellez Falla, Diego FernandoThe following work has as main objective to carry out an analysis of the role that pension funds have in the development and evolution of the Colombian capital market, as direct agents in the investment management of the different assets traded therein, helping the dynamism and Stability of our developing economy. It will begin with a brief account of what the pension system is in Colombia, mentioning its evolution and the turn it had since the creation of Law 1328 of 2009 that allowed the creation of Multifunds. Subsequently, the growth they had from 2009 to May 2019 is analyzed in parallel with the evolution of the capital market. Finally, the main tax reforms that had an impact on the funds and their contribution to the generation of savings and investment will be examined.