Everest Capital and BRE losing control over three NFIs

Everest Capital and BRE losing control over three NFIs A major reshuffling is taking place on the National Investment Fund (NFI) market, as BRE Private Equity (BRE PE) and Everest Capital are losing control over the three NFIs they had managed up to now. The first of these was NFI No. 10 Foksal, which Everest Capital manages and in which it has, together with its allies, a 30% stake. However, at last Thursday's shareholders meeting Everest's opponents, led by Wood & Co. brokerage and the Treasury Ministry pushed through a decision to dismiss the old supervisory and managing boards of the fund. The newly elected management immediately renounced the fund management contract with Everest, charging it with negligence leading to losses of zl. 192 million last year. Everest could also lose control of the two other NFIs it manages, NFI No. 7 Kazimierz Wielki and NFI No. 14 Zachodni, as Wood & Co. together with some allies had recently acquired 17% stakes in both. The big question is upon whose orders Wood & Co. is acting. According to some analysts, it could be the Powszechny Zaklad Ubezpieczen (PZU) group, according to others the Treasury, which has become fed up with the mounting NFI losses. (Gazeta Wyborcza, page 22, Puls Biznesu, page 16)