# Research reports

Investment funds and asset management market in Poland, edition 2018

## Investment funds and asset management market in Poland, 2018

After the period of a very fast growth during 2016-2017, total* assets under management in Poland decreased slightly in H1 2018 to PLN 627 billion. This was largely an effect of weaker performance of the local stock market in the first half of 2018 which translated into lower valuations of equity portfolios. 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 weaker performance. As of June 2018, assets of regulated investment funds** reached PLN 297 billion, 3rd pillar pension assets exceeded PLN 23 billion and reserves of insurance companies stagnated 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 a solid growth through 2020. The most action is likely to take place within 3rd pillar pension funds since the new legal framework will mandate employers to enrol all employees and to finance contributions to employee plans. Also insurance assets and investment funds are likely to grow thanks to key driving forces: increasing wealth of individuals and low interest rates at banks.

* 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, 2018 H1
Slide 2: Assets under management evolution, 2014-2018 H1
Slide 3: Top asset managers (groups) by AuM, 2018 H1
3. Investment Funds
Slide 4: CEE 8 Investment fund industry - size vs. growth matrix, 2015-2018 H1
Slide 5: CEE investment funds penetration benchmarks, 2018 H1
Slide 6: Evolution of assets, number of funds & managers 2013-2018 H1
Slide 7: Fund assets by type of fund 1/2, 2014-2018 H1
Slide 8: Fund assets by type of fund 2/2, 2014-2018 H1
Slide 9: Top players in investment fund market, 2018 H1
Slide 10: Market share evolution of top fund managers, 2016-2018 H1
Slide 11: Products: Absolute return funds, 2013-2018 H1
Slide 12: Distribution channels for investment funds, 2018 H1
Slide 13: Innovation in distribution– online platforms, 2018
Slide 14: Investment fund assets flows, 2013 Q1- 2018 Q2
Slide 15: Fund assets structure, 2018 H1
Slide 16: Ownership of funds by groups (retail/financial/other), 2011-2018 Q1
Slide 17: Local funds invested in foreign assets and foreign funds, 2018 H1
Slide 18: Assets of foreign funds, 2013-2018 H1
Slide 19: Fees and commissions charged by top fund managers, 2018 H1
Slide 20: Revenues and costs of fund managers, 2017
Slide 21: Profitability tree for fund managers, 2014-2017
Slide 22: Top players' profiles - Ipopema TFI
Slide 23: Top players' profiles - PKO TFI
Slide 24: Top players' profiles - PZU TFI
Slide 25: Top players' profiles - Pekao TFI
Slide 26: Top players' profiles - Santander TFI
Slide 27: M&A transactions including fund managers in Poland (2010-2015)
Slide 28: M&A transactions, 2016-2018, including pending deals
Slide 29: Regulations: Upcoming fixed fund management fee cap
4. Pension
Slide 30: Pillar II: Sector evolution, 1998-2018
Slide 31: Pillar II: Assets, members, average account value, 2014-2018 H1
Slide 32: Pillar II: Asset managers, 2018 H1
Slide 33: Pillar II: fund managers profitability tree, 2015-2018 H1
Slide 34: Pillar III (Voluntary) - Assets, members, 2015-2018 H1
Slide 35: Pillar III - Upcoming regulations - PPK vehicles
5. Insurance
Slide 36: Technical reserves by type evolution, 2013-2018 H1
Slide 37: Technical reserves by segment and by company, 2017
Slide 38: Profitability of life insurers, 2013-2017
Slide 39: Profitability of non-life insurers, 2013-2017
6. Forecasts
Slide 40: Asset Management Market: Mid-term forecast (investment fund assets, pension assets, insurance investments) 2018-2020
7. Notes on methodology
End of report.
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