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Investment funds and asset management market in Poland, 2023
Investment funds and asset management market in Poland, edition 2023
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Over the last five years, the asset management sector in Poland has experienced stagnation, characterized by temporary fluctuations but lacking substantial growth in managed assets. However, 2023 brought some relief, with total assets under management in key segments* reaching over PLN 700 billion in the third quarter of the year, compared to PLN 636 billion at the end of 2022. Investment funds remained the key asset group, surpassing PLN 304 billion, followed by second-pillar pension funds with PLN 179 billion and insurance companies' reserves at PLN 162 billion. The smallest segment, third-pillar pension funds, saw a surge to PLN 60 billion in assets under management, exhibiting the fastest growth among all categories. If compared to the other markets in the region, Poland has clearly the largest investment funds sector within the CEE. However, the value of managed assets has been growing slower than in most other CEE markets recently.Consequently, despite having the largest fund market by value, Poland is still behind a few peers in terms of assets value per capita or assets per unit of GDP. The outlook The total value of assets under management in Poland is anticipated to grow by over 40% between 2022 and 2025, marking the end of multi-year stagnation. High growth is expected in pension assets, particularly within the "new" third pillar (PPK). *key categories included: Investment funds, Insurance assets, Pension assets (2nd and 3rd pillar); Excluded are bank and structured deposits, equities and bonds held directly --------------------------------------------------------------------------------------------------------------------------------------
*key categories included: Investment funds, Insurance assets, Pension assets (2nd and 3rd pillar); Excluded are bank and structured deposits, equities and bonds held directly
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Investment funds and asset management market in Poland, 2025
In recent years, the asset management sector in Poland has demonstrated healthy growth, recovering from the contraction observed in 2022. All key market segments* have experienced consistent expansion, leading to a combined total of PLN 907 billion (EUR 214 billion) in assets under management (AuM) by Q2/Q3 2025. Investment funds remain the dominant segment, with AuM of PLN 390 billion, followed by second-pillar pension funds (OFE) at PLN 270 billion and insurance companies’ reserves at PLN 180 billion.
Investment funds and asset management market in Poland, 2024
Over the past two years, the asset management sector in Poland has shown healthy growth, recovering from the contraction seen in 2022 due to geopolitical tensions following the outbreak of the war in Ukraine. Since late 2022, all key market segments have experienced consistent expansion, leading to a combined total* of PLN 811 billion (EUR 188 billion) in assets under management (AuM) by the first half of 2024. Investment funds remain the dominant segment, with AuM of PLN 352 billion, followed by second-pillar pension funds (OFE) at PLN 232 billion, and insurance companies’ reserves at PLN 172 billion. The most dynamic growth has been observed in third-pillar pension funds, which reported a remarkable increase in AuM, reaching PLN 55 billion (excluding PPK) as of June 2024. Market leadership in the asset management industry is concentrated among a few key players. PZU holds the leading position, managing PLN 163 billion in assets and capturing a 21% market share. Allianz follows with AuM of PLN 97 billion and a 13% share. Two mid-tier players, Nationale Nederlanden and PKO, each command approximately 9% of the market. Collectively, the top four players account for over 52% of the total market share, highlighting the fairly consolidated nature of the industry. Poland has the largest investment funds sector in Central and Eastern Europe, with over 86 billion EUR in assets under management (AuM). Recently, the growth of fund assets in Poland has accelerated, and the country's share of the region's AuM exceeded 45% in 3Q 2024. However, despite having the highest market value, Poland still lags behind some of its peers in terms of asset value per capita and assets relative to GDP. The outlook The asset management market, which includes three main segments—investment funds, insurance reserves, and pension assets—is expected to grow by more than 25% between the first half of 2024 and 2026. By December 2026, total assets under management (AuM) are projected to exceed PLN 1 trillion, with particularly strong growth anticipated for pension assets. *key categories included: Investment funds, Insurance assets, Pension assets (2nd and 3rd pillar); Excluded are bank and structured deposits, equities, and bonds held directly --------------------------------------------------------------------------------------------------------------------------------------
Investment funds and asset management market in Poland, 2022
2022 was a difficult year for asset managers operating in Poland. The industry had to deal with a rare case of simultaneous declines in valuations of multiple asset classes including stocks and bonds. Nevertheless, asset managers coped well with lower asset prices and with increased funds volatility. Total assets* under management in Poland fell sharply in the first half of 2022, reaching PLN 621 billion as compared to PLN 708 billion at the end of 2021, and they remained in a declining trend through the third quarter of the year. The outlook The total value of assets under management is expected to recover in 2023 and then to grow subsequently in 2024 and 2025. A likely rebound in asset valuations will provide a relief while new flows, in particular within insurance 3rd pillar and retail investment funds are likely to drive total AuM to new highs in 2024/2025. The planned dismantling of the old 2nd pillar pension funds (OFE) is still a big question mark and the government might postpone the decision past the upcoming 2023 parliamentary elections. * Across key categories: Investment funds, Insurance assets, Pension assets (2nd and 3rd pillar); Excluded are bank and structured deposits, equities and bonds held directly by private individuals --------------------------------------------------------------------------------------------------------------------------------------