Insurer-owned asset managers took the lion’s share of the December increase in AuM, pushing their joint market share up a notch to 35.8% in December led again by NN Investment Partners TFI and the asset manager of insurer TFI PZU.
Amongst bank-owned asset managers, the managers of banks Pekao and Santander Bank Polska both put up monthly AuM increases to rival the two big insurers. But the nation’s largest asset manager, owned by bank PKO BP, continues to suffer month on month declines to take a notch off the sector’s market share. Bank BNP Paribas Polska’s asset manager continues to grow and play catch-up at market beating rates.
Amongst independently-held asset managers, Ipopema sported a hefty PLN 150 mln rise in AuM amongst its capital market funds to lead the pack. Quercus and Investors both joined with gains.
Poland’s asset manager landscape is shifting under the burden of a changing regulatory regime. Introduction of MiFID2, still in flux in Poland, is said likely to favor the fate of asset managers owned by banks and with the ensuing captive clientele. Independent managers see threats to third party distribution agreements under MiFID2 terms.
