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OTP seeks court review of watchdog pension fund resolution

Hungarian private pension fund OTP Magánnyugdíjpénztár has asked for a court review of a February resolution by market regulator PSzÁF declaring that it had surpassed the maximum set for portfolio management fees, the fund said late on Monday.

According to press reports, OTP Magánnyugdíjpénztár is one of four private pension funds PSzÁF has accused of making indirect investment without proper justification, thereby generating significant additional expenses and reducing net yields to members.

PSzÁF is said to have asked the four funds to quantify the resulting extra expenses, recover them from the assets manager and refund them to members.

OTP Magánnyugdíjpénztár said that PSzÁF 's findings were unfounded, and it has not entered into contracts with excess portfolio management fees in any year of its operations.

It also said the regulator has regularly checked their investment practices and did not find any wrongdoing.