van Spaendonck, Jorrit

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Position / Title
Department
Faculty of Accounting, Finance and Marketing
Email Address
Jorrit.vanspaendonck@ua.aw
Jorrit.vanspaendonck@ua.aw
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(+297) 562-2079
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Fields of Specialization
Finance
Investing
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Last updated February 25, 2025
Introduction
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Jorrit van Spaendonck currently works as a lecturer at the University of Aruba where he is the originator and coordinator of the Minor International Financial Management. His topics of expertise are financial markets, business analysis and corporate finance. Besides his academic work, Jorrit has published over 500 articles in practitioners journals, assessing a wide range of listed securities. Previously, Jorrit worked in several roles at investment management firms both on the institutional side and for a leading private wealth management company in the Netherlands. He has a master’s degree in economics from Rijksuniversiteit Groningen and is a CFA charterholder.

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    UA Research & Expertise - Jorrit van Spaendonck
    (2025) van Spaendonck, Jorrit
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    Local Investment Rules for Aruban Pension Fund: A Simulation of Welfare Effects for Pension Participants
    (University of the West Indies, 2019) Wojahn, Oliver; van Spaendonck, Jorrit
    Pension funds in Aruba are required to invest at least 60% of their assets domestically. While this kind of localization requirement is common in many countries , the Aruban case is special because the economy is very small, both in absolute terms and even more so in relation to pension assets. Furthermore , the Aruban economy is almost exclusively dependent on tourism from the United States and Venezuela. These factors severely limit the opportunities to diversify risks domestically. Using a Monte Carlo simulation , we find welfare losses of up to USD 48,575 for moderately risk averse participants contributing for forty years into the mandatory pension scheme. The substantial losses suggest that pension funds should make better use of the flexibility allowed under the current regulatory regime and ramp up foreign holdings towards the statutory limit. Moreover, the Central Bank of Aruba should carefully weigh the benefits of the localization requirements, i.e. the support of the currency peg and local investment, against the welfare losses of pension participants.