# Research reports

Investment funds and asset management market in Poland, edition 2019

## Investment funds and asset management market in Poland, 2019

After the period of a very fast growth through 2017, total* assets under management in Poland decreased slightly to PLN 629 billion in H1 2019. The recently observed stagnation in total assets could be attributed to the weak performance of the local stock market. The recent correction affected mostly 2nd pillar pension funds, which by law have to overweight equities. Other segments remained relatively stable thanks to new contributions offsetting performance. As of June 2019, assets of regulated investment funds** reached PLN 293 billion, 3rd pillar pension assets exceeded PLN 25 billion and reserves of insurance companies remained almost unchanged at PLN 149*** billion. The asset management market remained medium-concentrated with top four groups: PZU, Aviva, NN and Ipopema managing roughly half of all assets in the market
Outlook
Assets under management in Poland are expected to sustain growth through 2021 while the most action is likely to take place within 3rd pillar pension funds. The new legal framework, in force since mid-2019, has mandated employers to enrol their employees and to match employee contributions. A further boost to 3rd pillar assets could be supplied by the final dismantling of 2nd pillar pension funds, although it would be initially a zero sum game or even a negative event for the sector as a whole

* Across key categories: Investment funds, Insurance assets, Pension assets (2nd and 3rd pillar)
** Funds tracked by IZFiA
*** Technical reserves of non-life and life insurers, including unit-linked life funds

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## Table of contents

1. Executive Summary
2. Asset Management Market
Slide 1: Asset management market in Poland: Key Segments, 2019 H1
Slide 2: Assets under management evolution, 2015-2019 H1
Slide 3: Top asset managers (groups) by AuM, 2019 H1
3. Investment Funds
Slide 4: CEE 8 Investment fund industry – size vs. growth matrix, 2016-2019 H1
Slide 5: CEE investment funds penetration benchmarks, 2019 H1
Slide 6: Evolution of assets, number of funds & managers 2014-2019 H1
Slide 7: Fund assets by type of fund 1/2, 2014-2019 H1
Slide 8: Fund assets by type of fund 2/2, 2014-2019 H1
Slide 9: Top players in investment fund market, 2019 H1
Slide 10: Market share evolution of top fund managers, 2017-2019 H1
Slide 11: Products: Absolute return funds, 2014-2019 H1
Slide 12: Distribution channels for investment funds, 2019 H1
Slide 13: Innovation in distribution– online platforms, 2019
Slide 14: Investment fund assets flows, 2015 Q1-2019 Q2
Slide 15: Fund assets structure, 2019 H1
Slide 16: Ownership of funds by groups (retail/financial/other), 2012-2019 Q2
Slide 17: Local funds invested in foreign assets and foreign funds, 2019 H1
Slide 18: Assets of foreign funds, 2014-2019 H1
Slide 19: Fees and commissions charged by top fund managers, 2019 Q3
Slide 20: Revenues and costs of fund managers, 2018
Slide 21: Profitability tree for fund managers, 2015-2018
Slide 22: Regulations: The new fixed fund management fee cap
Slide 23: Top players' profiles - Ipopema TFI
Slide 24: Top players' profiles - PKO TFI
Slide 25: Top players' profiles - PZU TFI
Slide 26: Top players' profiles - Pekao TFI
Slide 27: Top players' profiles - Santander TFI
Slide 28: M&A transactions including fund managers in Poland (2010-2016)
Slide 29: M&A transactions, 2017-2019
4. Pension
Slide 30: Pillar II: Sector evolution, 1998-2019
Slide 31: Pillar II: Assets, members, average account value, 2015-2019 H1
Slide 32: Pillar II: Pension asset managers, 2019 H1
Slide 33: Pillar II: Pension fund managers profitability tree, 2015-2018 H1
Slide 34: Pillar III (Voluntary) - Assets, members, 2016-2019 H1 (e)
Slide 35: Pillar III – New regulations - PPK (3rd pillar) vehicles
5. Insurance
Slide 36: Technical reserves by type evolution, 2014-2019 H1
Slide 37: Technical reserves by segment and by company, 2018
Slide 38: Profitability of life insurers, 2014-2018
Slide 39: Profitability of non-life insurers, 2014-2018
6. Forecasts
Slide 40: Asset Management Market: Mid-term forecast: investment fund assets, pension assets (p2, p3), insurance investments, 2019-2021
7. Notes on methodology
End of report.
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