FORMATION AND MANAGEMENT OF INVESTMENT PORTFOLIO OF PENSION SAVINGS OF THE PRIVATE PENSION FUNDS IN AN UNSTABLE ECONOMY

The study of the mechanism for implementing the regional social projects through the integration development of regional budgets, the resources of non-state pension funds in order to achieve stable economic growth in the regions and the simultaneous resolution of social problems are the most important areas of this study. A set of issues related to changes, both in the development of the regional economy, and in the rethinking of the investment activities of the state and non-state pension funds and its social results in the implementation of regional social projects, creates a situation of particular relevance to the research topic. The basis of research in the field of constructing the investment portfolio models was laid in 1952 by Nobel laureate G. Markowitz. The portfolio investment topic began to be developed by the foreign scientists-researchers: J.V. Bailey, M. Scholes, R. Ingle, J. Tobin, W.F. Sharpe, J. Litner, G.J. Alexander, S. Ross, as well as Russian researchers: A.V. Melnikov, V.V. Dombrovsky, A.O. Nedosekin, E.V. Kozlov, V.I. Chugunov et al. At the same time, it was the pension problems in the scientific community that received attention primarily from the social or economic point of view. This is reflected in the works of M. Leibowitz, Ch. Trowbridge, J. Boule, L.M. Vicera, Z. Bodi et al.; in our country - in the works of A.K. Solovyov, V.M. Bonchik, A.G. Sholomitsky et al. The study purpose is to examine the features of managing the investment activity of a non-state pension fund in an unstable economy. The lack of clear algorithms and insufficient elaboration of economic models for the investment portfolio formation, taking into account the modern socio-economic trends, have determined the choice of research topic.