Three pension fund management companies turned a profit in Q1 2008

Only three of the six pension fund management companies in Slovakia recorded a profit for the first quarter of this year, the SITA newswire wrote.

Only three of the six pension fund management companies in Slovakia recorded a profit for the first quarter of this year, the SITA newswire wrote.

Allianz-DSS reported the highest profit of Sk10.16 million (€337,000) on revenues of Sk75.64 million (€2.511 million) in the quarter. Aegon DSS came in second, earning Sk9.48 million (€314,700). Its revenues amounted to Sk22.53 million (€747,000). And VÚB Generali DSS earned Sk1.67 million (€55,430) with revenues of Sk27.33 million (€907,200).

The largest loss on the market was ING DSS, which lost Sk20.53 million (€681,500) on revenues of Sk21.7 million (€720,300) and costs of Sk42.24 million (€1.402 million).

DSS AXA had revenues of more than Sk66 million (€2.191 million) and costs of almost Sk74.93 million (€2.487 million). Its losses thus exceeded Sk8.9 million (€295,400). ČSOB DSS closed Q1 2008 with a loss of Sk703,000 (€23,340) on revenues of Sk11.05 million (€366,800) and costs of Sk11.75 million (€390,000), the National Bank of Slovakia (NBS) reported in an analysis of the Slovak financial sector for the first quarter of this year.

Pension fund management companies in Slovakia managed a net value of Sk56.03 billion (€1.86 billion) at the end of the first quarter. Of this sum, Sk36.63 billion (€1.216 billion) was in growth funds, an additional Sk17.04 billion (€565.6 million) in balanced funds and Sk2.35 billion (€78.01 million) was deposited in conservative funds. DSS invested the biggest sum in bonds at the end of the first quarter, namely Sk28.9 billion (€959.3 million). Over Sk17.8 billion (€590.9 million) was in bank accounts and Sk7.03 billion (€233.4 million) was invested in shares.

Allianz-DSS administred almost one-third of all savings in the second pension pillar, or Sk17.16 billion (€569.6 million). DSS AXA recorded Sk15.63 billion (€518.8 million) and VÚB Generali DSS managed pension savings worth Sk8.14 billion (€270.2 million). SITA

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