Record losses for Polish pension managers
POLAND - Managers of Polish pension funds lost a record sum of PLN5.6bn (€1.2bn) in February.
Assets fell by PLN5.5bn to PLN130.9bn in a single month, the fall only limited by transfers from the social security agency ZUS which collects companies' contributions for the second pillar.
According to latest figures collected by Polish research company Analizy, the worst performing funds were Bankowy OFE and Aegon OFE with returns of -5% and -4.8% respectively.
Researchers noted in case of Aegon the drop was not caused mainly by poor management results but as a result of people leaving the fund. (See earlier IPE story: Polish gov't to slash pension fund contribution)
"Unfortunately, even the best management result achieved by Aegon OFE last month - a loss of 3.2% - did not help it," noted Analizy.
AIG OFE and PZU "Złota Jesień" were among the funds with the worst management results.
In contrast, OFE Polsat and Allianz Polska OFE achieved the best management results, albeit their assets still dropped by 3.3%.
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