October 4, 2017 / 12:06 PM / 9 months ago

Brazil oversight body orders intervention of Postalis pension fund

BRASILIA, Oct 4 (Reuters) - Brazil’s pension oversight body Previc has ordered the 180-day intervention of Postalis Instituto de Previdência Complementar, the Brazilian pension fund for post office workers, for breaking rules on reserve requirements and investments, the regulator said on its website on Wednesday.

Postalis, Brazil’s largest fund by number of participants, has amassed billions of reais in losses over the past decade due to risky bets and has run a deficit every year since 2011. (Reporting by Anthony Boadle)

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