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Concorde launches fund of funds

Concorde Fund Manager, Hungary's biggest independent asset manager, has launched a HUF 20 billion fund of funds, Concorde founder László Szabó said at a press conference.

The fund, called Hold – “moon” in Hungarian -- Investment Fund, contains a mix of units from the VM Absolute Derivatives Investment Fund, which has assets of about HUF 20 billion, the Citadella Derivatives Investment Fund, which has assets of HUF 4.9 billion, the Colombus Derivatives Investment Fund, which has assets of HUF 4 billion, and the Platina Pi Investment Fund, which has assets of HUF 2.5 billion.

Concorde Fund Manager manages more than HUF 220 billion in assets. About HUF 45 billion of the assets are from private pension funds, said Szabó.

Hungary's private pension fund pillar was effectively eliminated recently as private pension fund members moved back to the state pillar under amended legislation.