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Tuesday, May 6, 2008

Assets of mutual funds grow 5.7% y/y as of end-March.





Assets of mutual funds grow 5.7% y/y as of end-March. The assets of mutual funds reached CZK 296.4bn (EUR 11.7bn) at end-March, which represents an increase of 5.7% y/y (6% q/q decrease), data from the Capital Market Association showed. The only moderate annual growth and quarterly decline reflected mainly the relatively negative developments on the financial markets. Clients’ assets in domestic mutual funds accounted for 53.6% (CZK 159bn, down by 7.9% y/y) of all assets, while those in foreign funds reached CZK 137bn, declining by 3.7% y/y. In terms of individual mutual funds, the money market funds ended March with the highest amount of assets – CZK 105.8bn, down by 1.3% y/y. Second ranked secured funds with CZK 65.6bn worth of assets, surging by 33.3% y/y, followed by the assets in equity funds (CZK 38.4bn, up by 4.9% y/y). The value of assets in bond funds reported the highest drop of 22.4% y/y to CZK 32.2bn. In quarterly comparison all kind of funds with the exception of the secured funds and real estate funds reportedly declines (the largest drop of 20% q/q being for equity funds). In terms of domestic intermediaries of funds, the largest ones were Ceska Sporitelna (accounting for nearly 32.2% of overall assets), CSOB Group (30.5%), Komercni Banka (15.9%), ING Group (5.2%) and UniCredit Group (4.8%). Overall, the value of clients’ assets in domestic asset management companies increased by 7.3% y/y (down by 0.2% q/q) to CZK 714.3bn at end-March. The CSOB Group accounted for the largest share of 23.4%; second ranked PPF Asset Management together with CP Invest with 21.4% share, followed by Ceska Sporitelna group (21.2%).


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