UniCredit won a tender called by government debt management agency ÁKK to act as custodian of foreign securities to be transferred from private pension funds to the Pension Reform and Debt Reduction Fund.
The contract with the bank was signed last Friday, ÁKK deputy-CEO László András Borbély said on Monday.
The agreement will facilitate the smooth transfer of the assets between June 1 and 12, Borbély said.
Managing assets transferred to the fund is the task of ÁKK under legislation.
ÁKK picked UniCredit which made the best offer among five participants in a closed tender.
The tender was for custodial services for foreign securities in 29 countries. Information from PSzÁF from the end of December shows that a part of the foreign securities in the private pension fund portfolio was not at clearing house KELER, rather a big part was abroad, kept by pension funds at custodians there.
KELER was invited to the tender, but it did not submit the cheapest offer, as an expansion of its foreign securities account services to securities it has not introduced thus far, would probably result in significant extra costs.
UniCredit is the biggest custodian of assets of private pension funds in Hungary, Borbély said. It is a custodian of about one-fourth of these assets, he added.
Foreign securities made up about 16% of private pension funds' total portfolio, worth just a little more than 2,900 billion at the end of September, 2010.