Equilor augurs further consolidation of investment firms
Independent Hungarian investment company Equilor expects further consolidation among its peers as they attempt to achieve economies of scale, CEO Bálint Szécsényi said at a press conference on Tuesday, as reported by MTI-Econews.
Equilor CEO Bálint Szécsényi.
The number of investment companies in Hungary has fallen in recent years, while assets managed by such businesses as well as their client numbers have increased, Szécsényi said. Investment companiesʼ share of the capital market has grown as banks focus on their core businesses, though their profits have stagnated, he added.
Independent investment companies are indispensable for the development of Hungaryʼs capital market, asserted Szécsényi.
Annual data compiled by the National Bank of Hungary (MNB) show that the 20 investment companies the central bank oversees had combined after-tax profit of HUF 3.1 billion last year.
Equilor had after-tax profit of HUF 350 million, according to the data. It finished the year with total assets of HUF 15.4 bln.
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