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Skarbiec Holding SAPolish Development Fund's mutual funds unit takes over management over Skarbiec TFI's PPK
The mutual funds unit of Poland's development fund, PFR TFI, as the designated institution ensuring the continuity of Poland's employer-sponsored pension plans PPK savings management, has taken over the management of Skarbiec PPK specialised open-ended investment fund from the mutual funds company Skarbiec TFI, PFR TFI said in a press release.
It has been indicated that the change is related to the decision of Poland's financial market regulator KNF to remove Skarbiec TFI from the register of institutions managing PPK.
PFR TFI, as a designated institution, in accordance with its obligation under the PPK act, is to ensure universal access to Poland's employer-sponsored pension plans PPK, security of the system and continuity of funds management.
Employers and participants of PPK operated so far by Skarbiec TFI do not have to take any action in connection with the change of manager.
It was reported that after taking over the management, PFR TFI will manage nine of its own defined-date funds and nine funds acquired from Skarbiec TFI. Ultimately, funds with an analogous risk level and investment horizon will be merged after obtaining the relevant approvals, which will increase operational efficiency.
PFR TFI is part of the Polish Development Fund Group, which brings together financial and advisory institutions for entrepreneurs, local governments and individuals investing in the country's sustainable social and economic development.
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