POLISH PENSION FUND FLOWS: Growing equity allocation despite its poor performance
In June, we estimate Polish pension funds bought a net PLN 546m of equities, of which PLN 406m was bought in the Polish market and PLN 140m was bought in foreign markets.We also estimate that in June OFEs received PLN 450m of dividends. The average monthly rate of return amounted to -2.4% due to the poor performance of Polish equities. As a result, OFEs’ AuM dropped to PLN 158.1bn, from PLN 162.3bn in May. In June, NN OFE was the most active in buying stocks, while Aviva OFE was the most visible net seller of equities.
Haitong is the first international Chinese investment bank and our goal is to be the primary channel for capital flows into and out of China. During 2015 the Senior Management Team in London was expanded significantly to focus on this objective and to provide a full-service cross-asset markets business coupled with sector-focused investment banking. We work closely with our world-wide network of offices to bring a true depth of understanding to all client situations.
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