# Research reports

Investment funds and asset management market in Poland, edition 2017

## Investment funds and asset management market in Poland, 2017

The growth in Poland's asset management sector has accelerated across all its segments, during 2016-2017H1. Assets of regulated investment funds reached PLN 272* billion, while reserves of insurance companies increased to PLN 148** billion, as of June 2017. At the same time, assets in the mandatory second pillar and in the voluntary third pillar III pension funds jumped to PLN 175 billion and PLN 21 billion respectively. As a consequence, the overall value of assets under management (AuM) in Poland topped PLN 632 billion or nearly EUR 150 billion in June 2017. Three largest firms: PZU, Aviva and NN managed AuM of over PLN 236 billion in total and their combined market share exceeded 40%.
Outlook
Assets under management in Poland are expected to experience solid growth in 2017 and to remain in an upward trend through 2019.

* 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, 2017 H1
Slide 2: Assets under management evolution, 2012–2017 H1
Slide 3: Top asset managers (groups) by AuM, 2017 H1
Slide 4: Key upcoming regulatory changes: MIFID II, Pillar II dismantling
3. Investment Funds
Slide 5: CEE 8 Investment fund industry – size vs. growth matrix, 2014–2017 H1
Slide 6: CEE investment funds penetration benchmarks, 2017 H1
Slide 7: Evolution of assets, number of funds & managers 2012–2017 H1
Slide 8: Fund assets by type of fund 1/2, 2012–2017 H1
Slide 9: Fund assets by type of fund 2/2, 2012–2017 H1
Slide 10: Top players in investment fund market, 2017 H1
Slide 11: Market share evolution of top fund managers, 2015–2017 H1
Slide 12: Distribution channels for investment funds, 2017 H1
Slide 13: Investment fund assets flows, 2012 Q1– 2017 Q2
Slide 14: Fund assets structure, 2017 H1
Slide 15: Ownership of funds by groups (retail/financial/other), 2010–2017 Q1
Slide 16: Local funds invested in foreign assets and foreign funds, 2017 H1
Slide 17: Assets of foreign funds, 2012-2017 H1
Slide 18: Fees and commissions charged by top fund managers, 2017 H1
Slide 19: Revenues and costs of fund managers, 2016
Slide 20: Profitability tree for fund managers, 2013–2016
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 – Skarbiec TFI
Slide 25: Top players’ profiles – Pioneer Pekao TFI
Slide 26: M&A transactions including fund managers in Poland (2010-2015)
Slide 27: M&A transactions, 2016-2017, including pending deals
Slide 28: Product innovation – Absolute return funds, 2012-2017H1
4. Pension
Slide 29: Pillar II: Sector evolution, 1998-2017
Slide 30: Pillar II: Assets, members, average account value, 2012–2017 H1
Slide 31: Pillar II: Asset managers, 2017 H1
Slide 32: Pillar II: Foreign investment limits
Slide 33: Pillar II: fund managers profitability tree, 2014–2017 H1
Slide 34: Voluntary pension (Pillar III) - Assets, members, 2013-2016
5. Insurance
Slide 35: Technical reserves by type evolution, 2012–2017 H1
Slide 36: Technical reserves by segment and by company , 2015
Slide 37: Profitability of life insurers, 2012–2016
Slide 38: Profitability of non-life insurers, 2012–2016
6. Forecasts
Slide 39: Asset Management Market: Mid-term forecast (investment fund assets, pension assets, insurance investments) 2017–2019
7. Notes on methodology
End of report.
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