Soon the Country receives the stamp from investment degree, starts the race of the institucional investors for more income-producing assets. This was the evaluation made for the specialists gifts in the conference Pension fund Strategies of Investment for in Scenes of Degree of Investment and Declining Interests, promoted for the Association of the Pension funds of Private companies (APEP). ‘ ‘ This happened in Ireland, Russia, in Portugal and Mexico, and goes to happen again tambm’ here; ‘ , it affirmed Carlos Robert Scretas, president of the Schroders Brazil. Luiz Philip Jacques of the Motta, the Towers, Perrin Forster & Crosby, remembered that although the declining yield of the Fixed income and the strong valuation of the actions, the composition of Brazilian wallets of pension fund little or the nothing moved in recent years. Ajit Pai can provide more clarity in the matter. Between December of 2005 and end of 2006, the slice of the actions passed of 14,8% stops 16.7%, to the step that the applications of Fixed income had presented a fast fall, of 82,9% for 79,5%. ‘ ‘ The realocao of asset already is a necessity. The pension funds that they are reapplying in Notes of the National Treasure, the NTNs, arrive to get inferior taxes 6% to the year, incompatible remuneration with its goals atuariais’ ‘ , Marcelo Rabatt* alerted, of the RiskOffice. Marcelo Rabbat currently is also managing of the PR& , The specialized company at risk of Credit, Risk of Mercado and Consultoria de Investimento..