TFI Skarbiec wants to be the first to create an umbrella fund

Investment fund TFI Skarbiec has applied to the Securities and Stock Exchange Commission (KPWiG) to set up the first umbrella fund in the country. "We want to set up such a fund and it will consist of three sub-funds," said Piotr Kuba, management board member of Skarbiec. TFI will be responsible for managing investors money, but the product will be offered under a different brand. The sub-funds will differ from each other with regard to the investment offer and fee levels. The main reason for differentiating the offer is to, "Allow investors to enjoy tax benefits. The tax will only be applied when the money is pulled out of the fund," said Kuba. Current regulations disfavor investors and means that taxes are calculated when money is moved from one fund to another within the same umbrella fund. However, the government has promised to change the regulations so they will be more flexible. (Parkiet, p. 1) M.M.