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Investment funds and asset management market in Poland, 2017–2019

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Total assets under management (AuM) in Poland across key segments: investment funds, insurance and pension assets approached EUR 150 billion (PLN 632 billion) as of June 2017. This favourable trend could be attributed to a steady growth in wealth of private individuals, solid management performance of managers and interest rates at record lows, making bank deposits unprofitable. The growth in assets is expected to accelerate to ca. 10% p.a. through 2019.

Investment funds create the largest part of the asset management industry in Poland. The value of fund assets jumped by PLN 13 billion* PLN or 5%, only in the first six months of 2017. Most of the recent growth in fund assets could be observed in retail, open-end and non-dedicated funds, which indicates that small investors are back to the market. Clients are encouraged by solid past management performance and by low opportunity cost - interest rates on bank deposits at record lows. The ongoing conversion process of bank deposits is likely to persist in the near future as central bank (NBP) is expected to keep interest rates at current levels.
For more information about recent developments in the Investment Management sector in Poland, please refer to the publication “Investment Funds and Asset Management Market in Poland, 2017–2019” available at: http://www.inteliace.com/en/00159_Investment_Funds_and_Asset_Management_in_Poland_2017.html

Veröffentlicht in: Wirtschaft & Finanzen
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Investment funds and asset management market in Poland, 2017–2019

  1. 1. INVESTMENT FUNDS AND ASSET MANAGEMENT MARKET IN POLAND, 2017–2019 by Inteliace Research September 2017 Version: 17.4 Loose slides
  2. 2. Inteliace Research InvestmentfundsandassetmanagementmarketinPoland,2017–2019 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 2
  3. 3. Inteliace Research InvestmentfundsandassetmanagementmarketinPoland,2017–2019 Investment fund penetration varies strongly in Eastern Europe. Local market specifics and tax treatment are responsible for differences 17.3 15.2 7.7 6.4 6.2 5.9 5.4 1.2 Hungary Poland Slovakia Slovenia Croatia Czech Republic Romania Bulgaria 1990 1695 1232 1140 988 687 463 82 Hungary Poland Slovenia Slovakia Czech Republic Croatia Romania Bulgaria Fund assets per capita, 2017 H1 EUR Fund assets per GDP, 2017 H1 percent Source: EFAMA, IZFiA, Inteliace Research CEE 8 weighted average: 10.5 CEE 8 weighted average: 1195 3 INVESTMENT FUNDS DATA BY EFAMA
  4. 4. Inteliace Research InvestmentfundsandassetmanagementmarketinPoland,2017–2019 Investment fund assets by type, 2012–2017H1, Funds tracked by IZFiA*, Assets in PLN billion * IZFiA data is based on a reporting sample of ~94% of all funds assets. ** Dedicated to a specific investor. Source: IZFA, Inteliace Research • Assets of public funds and non-dedicated funds (mostly the same funds) have increased fast during H1 2017 as small investors returned to markets attracted by improving performance and low opportunity cost – deposit rates at banks close to zero INVESTMENT FUNDS STATISTICS BY IZFiA* 108 127 141 147 147 160 38 62 68 105 111 112 2012 2013 2014 2015 2016 17H1 146 189 209 252 259 89 108 121 127 136 148 57 81 88 126 123 124 2012 2013 2014 2015 2016 17H1 146 189 209 252 259 +9 +27 +15 CAGR 2012–2017H1 CAGR 2012–2017H1 Public funds Non-public funds Non- dedicated** Dedicated** Split by public/non-public funds Split by dedicated/non-dedicated funds 4 272272 +12 +19 +15 In contrast to past years, it is public and non-dedicated funds that have been growing most rapidly recently
  5. 5. Inteliace Research InvestmentfundsandassetmanagementmarketinPoland,2017–2019 *Net assets of regulated funds tracked by IZFiA **Including real estate, commodity, securitization, hedge funds, private equity and others Source: IZFiA, Inteliace Research Other** by asset class by primary investment market Money market Equity Debt securities (bonds) Domestic (Poland) Foreign markets (including regional and non- classified) Investment fund assets* by type, as of June 2017 in Percent, 100% =272* billion PLN by the type of fund client: dedicated/non-dedicated by fund construction Non- dedicated Dedicated Open-end Closed Funds investing in Poland dominate INVESTMENT FUNDS IZFiA STATISTICS Open-end, specialized 24 16 14 46 78 22 37 14 49 54 46 5 Most funds are still focused on local assets
  6. 6. Inteliace Research InvestmentfundsandassetmanagementmarketinPoland,2017–2019 Source: GUS, Inteliace Research Investment fund managers: Revenues and profits: 2016 in PLN billion Management fees Other revenue Total revenues Other costs EBIT Net profit Taxes & other items Personnel costs 100 19 1611 70 4991 As percent of total revenues (%) Revenues Costs Profits Management fees dominate in revenues with 91% share. ALL INVESTMENT FUNDS 2.90 0.29 3.18 0.35 2.22 0.62 0.11 0.51 Mostly 3rd party, acquisition costs, Share of distributors in management fees. Share of personnel costs is very low 6 In 2016, fund managers recorded PLN 3.2 billion in total revenues and earned PLN 510 million on a net basis
  7. 7. Inteliace Research InvestmentfundsandassetmanagementmarketinPoland,2017–2019 FX rates: • As a general rule, all “end of year” balances such as assets, deposits, loans, and similar volumes have been converted from the local currency into Euro using end of year (period) exchange rate • All results achieved during a period of time like: profits, revenues, new sales etc. have been converted from the local currency into Euro using average exchange rate • Exchange rates used in the report: Estimates and Forecasts: • In some cases, recent or verified data was not available. Therefore, necessary short-term estimations have been done to fill the gaps. Estimates are always indicated with the letter “E” • When preparing forecasts “F” we have built models using latest observed trends, available forecasts of main economic indicators, seasonal changes observed in the past, and other specific factors considered important. Multiple sources: • In some cases, multiple sources of similar data exist. In this situation we always try to select the most appropriate one /in our view/. • The source is indicated in the footer area of each slide. Nevertheless, in specific cases before interpreting the data, we recommend that you get a good understanding of the methodology of data collection by contacting the authors. Changes vs. previous reports: • Total investment fund assets: Figures published by GUS have been used in this report to illustrate the size of the whole fund industry. • Figures provided by GUS are slightly higher than those reported by IZFiA since the former also include assets of few non-publicly reporting investment funds. EUR / PLN 2010 2011 2012 2013 2014 2015 2016 2017 H1 Average 3.99 4.12 4.19 4.20 4.19 4.18 4.37 4.27 End of period 3.96 4.42 4.09 4.15 4.26 4.26 4.43 4.23 Source: NBP 7 Notes on methodology
  8. 8. Inteliace Research InvestmentfundsandassetmanagementmarketinPoland,2017–2019 About the report and its authors About Inteliace Research Inteliace Research is an independent and privately owned research firm based in the heart of Eastern Europe in Warsaw / Poland. Our company specializes in value-added research services and tailored business intelligence solutions. Through our customized research services we help our clients to better understand their customers, competitors and overall market dynamics. The lead researcher and founder of Inteliace Research is Marcin Mazurek. Our contact details: Inteliace Research Foksal 17B / 31, 00-372 Warszawa, Poland Tel. +48 22 408 66 20, Tel. +48 502 512 178 Fax. +48 22 349 21 40 mail: info @ inteliace.com www: http://www.inteliace.com/en/publications.html About this report This report has been prepared using Inteliace Research proprietary research and publicly available sources, including: financial reports, press publications, industry magazines, directories, financial databases and expert opinions. Views presented in this report reflect solely the independent and unbiased opinion of Inteliace Research and authors. All due care has been taken in the production of this report. However, Inteliace Research does not accept any responsibility or liability for any omissions or inaccuracies of the information contained in this publication. This report is copyrighted. Any distribution, storage, replication and usage is restricted to Inteliace Research clients only. In case of any doubt please contact us at: info @ inteliace.com 8
  9. 9. Inteliace Research InvestmentfundsandassetmanagementmarketinPoland,2017–2019 Recent publications by Inteliace Research 9 Visit http://www.inteliace.com for more details Recent Reports: 2016 • February - Mortgage Lending in Poland ’16 • May - Bank outlets database ’16 • May - Banking Market in Poland ’16 • June - Insurance Market in Poland ’16 • September - Top 200 CEE banks ’16 • October - Investment Funds and Asset Mgmt. ’16 • November – Payments in Poland ’16 2017 • February - Mortgage Lending in Poland ’17 • May - Bank outlets database ’17 • May - Banking Market in Poland ’17 • June - Insurance Market in Poland ’17 and many other ...