Investment funds and asset management market in Poland, edition 2022
2022 was a difficult year for asset managers operating in Poland. The industry had to deal with a rare case of simultaneous declines in valuations of multiple asset classes including stocks and bonds. Nevertheless, asset managers coped well with lower asset prices and with increased funds volatility.
Total assets* under management in Poland fell sharply in the first half of 2022, reaching PLN 621 billion as compared to PLN 708 billion at the end of 2021, and they remained in a declining trend through the third quarter of the year.
The outlook
The total value of assets under management is expected to recover in 2023 and then to grow subsequently in 2024 and 2025. A likely rebound in asset valuations will provide a relief while new flows, in particular within insurance 3rd pillar and retail investment funds are likely to drive total AuM to new highs in 2024/2025. The planned dismantling of the old 2nd pillar pension funds (OFE) is still a big question mark and the government might postpone the decision past the upcoming 2023 parliamentary elections.
* Across key categories: Investment funds, Insurance assets, Pension assets (2nd and 3rd pillar); Excluded are bank and structured deposits, equities and bonds held directly by private individuals
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Table of contents
1. Executive Summary
2. Asset Management Market
Slide 1: Asset management market in Poland: Key Segments, 1H22
Slide 2: Assets under management evolution, 2018-1H22
Slide 3: Top asset managers (groups) by AuM, 1H22
3. Investment Funds
Slide 4: CEE 8 Investment fund industry – size vs. growth matrix, 2019-1H22
Slide 5: CEE investment funds penetration benchmarks, 1H22
Slide 6: Evolution of assets, number of funds & managers, 2017-3Q22
Slide 7: Fund assets by type of fund (open-end, closed), 2017-3Q22
Slide 8: Fund assets by type of fund (public/non-public assets), 2017-3Q22
Slide 9: Fund assets by underlying asset mix, 2019-3Q22
Slide 10: Top 10 players in investment fund market, 3Q22
Slide 11: Market share evolution of top fund managers, 2020-3Q22
Slide 12: Distribution – online distribution platforms, 2022
Slide 13: Investment fund assets flows, 1Q19-3Q22
Slide 14: Fund assets structure – by declared investment profile, 3Q22
Slide 15: Ownership of funds by groups (retail/financial/other), 2018-1H22
Slide 16: Local funds invested in foreign assets and foreign funds, 1H22
Slide 17: Fees and commissions charged by top fund managers, 3Q22
Slide 18: Revenues and costs of fund managers, 2021
Slide 19: Profitability tree for fund managers, 2018-2021
Slide 20: Regulations: The new fixed fund management fee cap
Slide 21: Top players' profiles - Ipopema TFI
Slide 22: Top players' profiles - PKO TFI
Slide 23: Top players' profiles - PZU TFI
Slide 24: Top players' profiles - Pekao TFI
Slide 25: Top players' profiles – NN IP TFI
Slide 26: M&A transactions including fund managers in Poland
4. Pension Funds
Slide 27: Composition of the pension sector in Poland
Slide 28: Pillar II: Assets, members, average account value, 2018-3Q22
Slide 29: Pillar II: Pension top asset managers, 3Q22
Slide 30: Pillar II: Pension managers profitability tree, 2018-2021
Slide 31: Pillar III (Voluntary) - Assets, members, 2019-1H22
Slide 32: Pillar III – New regulations - PPK (3rd pillar) vehicles
5. Insurance Assets
Slide 33: Technical reserves by type evolution, 2018-1H22
Slide 34: Technical reserves by segment and by company, 2021
Slide 35: Profitability of life insurers, 2017-2021
Slide 36: Profitability of non-life insurers, 2017-2021
6. Forecasts
Slide 37: Asset Management Market: Mid-term forecast: investment fund assets, pension assets (p2, p3), insurance investments, 2022-2024
7. Notes on methodology
End of report.
Investment funds and asset management market in Poland, 2022