Polish asset managers have secured 3871 deals with the nation’s largest firms to manage employer-sponsored pension plans PPK as of the first-round deadline, some 97% of the firms required to select managers in the first round, the state agency managing the program, PFR, said.
The figure represents some 97% of the nearly 4000 firms with at least 250 employees, that faced a Friday deadline to sign deals with asset managers or be tossed to the default system operator.
A total of nineteen local assets managers have stepped forward for a shot at grabbing 3.5% of gross wages of participating employees, braving a system with tight caps on fees, effective caps on market share and requirements to pay to play.
The field was dominated by the asset management wing of state-controlled bank PKO BP which had claimed about 1350 such contracts.
