Assets managed by Austrian Pensionskassen during the second quarter totalled approximately €14.2 billion and were thus practically unchanged on the previous quarter. Total assets managed by insurance undertakings authorised to provide occupational pension group insurance in Austria increased by 2.2% compared with the previous three months, to €429 million.
The number of beneficiaries of the Pensionskassen was also almost unchanged, with a rise of 0.4% to a current level of 753,113. These beneficiaries continue to be distributed among a total of 138 investment and risk sharing groups.
The year-to-date performance recorded by the Pensionskassen as at 30 June 2010 was 2.4%, equating to a loss for the quarter (Q2) of -0.5%. The negative investment result for Q2 2010 can be attributed to the loss in value of around 1.1% recorded in May and what were only slight increases during the months of April and June. Overall, the multi-employerPensionskassen, with a year-to-date performance of 2.6%, outperformed the single-employer Pensionskassen, which recorded a figure of 1.1%.
The biggest changes in relation to the allocation of assets across the individual investment classes were the fall in the share of equities (-1.9%) and in the proportion of corporate bonds (-0.7%), as well as the higher weighting of government bonds and bank deposits, up 1.2% and 1.0% respectively. Whilst the change in the level of bonds and equities as a proportion of the total portfolio can also be explained by changes in value, the increase in bank deposits is generally a reflection of a deliberate shift in the approach adopted by asset managers to asset allocation.
For further information please contact
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-5106
+43/(0676)/882 49 516