The Bank of New York Company, Inc., has registered an investment fund company in Poland called “BNY National Trust TFI SA,” with plans to offer a number of investment funds including private equity, hedge funds and real estate.
The company’s first fund will be a closed-end private equity investment fund offering a portfolio of private equity funds and direct investments in established privately-held companies. The fund’s primary investment objective will be to seek capital growth, with income as a secondary objective.
BNY National Trust has submitted an official application to the Polish SEC for permission to start operations in the Polish market. After obtaining the Polish SEC’s (KPWiG) permission and approval of the prospectus, the fund intends to launch a public issue of certificates.
“As a company that helps clients move and manage assets in more than 100 markets worldwide, the Bank takes great pride in being the first asset manager to offer U.S. and European private equity opportunities to the Polish institutional market,” said Behdad Alizadeh, managing director of BNY Capital Markets, Inc.
“BNY National Trust will provide Polish pension funds and other institutional investors with an opportunity to diversify their existing holdings from both an asset class and geographic perspective through an investment vehicle that does not currently exist in the Polish public market,” said Marcin J. Podobas, president of BNY National Trust.
In the last year Polish pension fund assets have increased by approximately 40%, from $21 billion in February 2005 to $29 billion in February 2006. In addition, assets managed by TFIs, which are fund management companies licensed by the Polish Stock Exchange, have increased their assets under management by approximately 70%, from $12 billion a year ago to $20 billion today.