BAMOSZ institutional savings plunge on pension fund transfer
Institutional savings managed by members of the Association of Hungarian Investment Fund and Asset Management Companies (BAMOSZ) plunged 30% to HUF 6,852 billion in Q2 from the previous quarter because of the transfer of private pension fund assets to the state, BAMOSZ said on Wednesday.
Within the institutional savings, the value of managed assets plunged 49% while investment fund assets edged down 0.7%.
Pension and health funds accounted for 35% of managed assets at the end of June and insurers for 52%. The share of the pension funds was down from 66% and the share of insurers up from 27% in the previous quarter.
Fund assets fell to HUF 1,081 billion at the end of June from HUF 3,969 billion at the end of March because of the transfer of the private pension fund assets. Voluntary pension fund assets now account for almost three-fourths of fund assets managed by BAMOSZ members.
Hungarian government securities accounted for 62% of the fund assets at the end of June, up from 53% at the end of March. The share of foreign government securities rose from 1% to 4%. The share of domestic shares fell to 6% from 9% while the share of foreign shares dropped to 16% from 26%.
Insurers' assets came to HUF 1,577 billion at the end of June, including HUF 647 billion of unit-linked products. Similar to funds, the share of Hungarian and foreign government securities rose and the share of stocks fell among their assets.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.