Allianz ventures into investment fund market

At the beginning of 2004, Allianz will open its own investment fund, the units of which will be distributed by bank Pekao and insurance agents. "The TFI has already been registered and we are now awaiting the decision of the Securities and Stock Exchange Commission. I believe that we will begin selling the units in the first quarter of 2004," said Allianz Polska president Paweł Dangel. The group had planned to enter this sector for a long time, but the decision was finally taken due to expected amendments to the law on personal pension accounts (IKE). "We think the most important thing is the width of our product range and due to this we want to offer our clients property and life insurance, pension fund as well as our own investment fund," explained Dangel. The Allianz group will offer IKE in two forms: TFI units or life insurance with its investment fund. Allianz Polska will spend about zł. 25 million on the project. (Parkiet, p. 7) M.M.