Investment funds register zl. 80 mln in losses last year but remain optimistic
All investment funds (TFI) had losses last year totalling zl. 80 million. "The investment funds market is very difficult at the moment," said Pioneer PP TFI vice-president Marek Zyniewski, the biggest fund on the market. High interest rates, a 25% drop in life insurance value,
dwindling car sales and growing unemployment make for an unfavorable environment for fund investment. Zyniewski says the market will take time to develop. However Andrzej Kolatkowski head of TFI Banku Handlowego says the investment fund market is developing very rapidly with a modest 2% of
overall savings being placed in investment funds in Poland and a strong potential for growth. Investment fund representatives maintain they are making serious efforts to cut costs and achieve profitability. TFI Banku
Handlowego says they need zl. 450 million to attain profitability and require a sixfold increase in the assets they currently manage. Investment funds maintain the development of the so called third pillar of the
reformed voluntary pension system and the products for corporate clients may boost their growth. (Rzeczpospolita, page B1)
dwindling car sales and growing unemployment make for an unfavorable environment for fund investment. Zyniewski says the market will take time to develop. However Andrzej Kolatkowski head of TFI Banku Handlowego says the investment fund market is developing very rapidly with a modest 2% of
overall savings being placed in investment funds in Poland and a strong potential for growth. Investment fund representatives maintain they are making serious efforts to cut costs and achieve profitability. TFI Banku
Handlowego says they need zl. 450 million to attain profitability and require a sixfold increase in the assets they currently manage. Investment funds maintain the development of the so called third pillar of the
reformed voluntary pension system and the products for corporate clients may boost their growth. (Rzeczpospolita, page B1)
