POLISH PENSION FUND FLOWS: Strong outflows compensated by equity growth
In December, we estimate Polish pension funds sold a net PLN 1.06bn of equities, of which PLN 455m was sold in the foreign markets and PLN 606m was sold in the Polish market. NN OFE and PZU OFE were the most active in selling stocks.Despite strong outflows, OFE assets under management increased by PLN 3bn to PLN 179.5bn mainly due to the equity management effect. We would also like to highlight that in December OFE transferred PLN 0.79bn to ZUS. After the pension system reform net transfers to ZUS stabilized at around PLN 600m, comparing to previous transfers of PLN 100m.
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