Asset management

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Pioneer Pekao Investment Management S.A. – PPIM

As at December 31, 2014, the net asset value of investment funds of Pioneer Pekao TFI S.A. (a company managed by Pioneer Pekao Investment Management S.A. in which the Bank holds a 49% share), amounted to PLN 17,115.1 million, an increase of PLN 703.6 million (4.3%) as compared to the end of 2013.

At the end of 2014, Pioneer Pekao TFI S.A. maintained 907.1 thousand open customer accounts (decrease by 2.7% in comparison to the end of 2013), managing portfolios of 40 investment funds and sub-funds.

Pekao Pioneer Powszechne Towarzystwo Emerytalne S.A. – Pekao Pioneer PTE

Pekao Pioneer PTE is the management company of an open-end pension fund (Pekao OFE), in which pension contributions are pooled and invested with the aim of their distribution to unit holders after they reach retirement age.

As at December 31, 2014, the number of open-end pension members was 338.4 thousand and was by 1.1% lower comparing to December 31, 2013. The number of persons with at least one contribution credited to their accounts was 330.8 thousand.

As at the end of 2014, the value of the pension fund's net assets was PLN 2,217.6 million and was lower by PLN 2,292.6 million (50.8%) as compared to the end of 2013. In February 2014, as a result of pension funds reform, net assets of Pekao OFE decreased by ca. PLN 2.3 billion as a result of portion of assets (mostly Treasury Bonds) transfer to The Social Insurance Institution (ZUS). As at the end of 2014, Pekao OFE held 1.5% share in the market of open-end pension funds, i.e. on the similar level in comparison to 2013.