Integrated Report 2020

BNP Paribas Towarzystwo Funduszy Inwestycyjnych S.A.

BNP Paribas Towarzystwo Funduszy Inwestycyjnych S.A. ("BNPP TFI", “the Company”) has been carrying out business in the financial services industry since 1992. Before that date, it was active on the Polish capital market as a brokerage house.

BNPP TFI operates based on the authorisation of the Polish Financial Supervision Authority in the field of creation and management of investment funds, as well as intermediation in the sale and redemption of units and shares in foreign funds.

In 2020, the following significant corporate events took place:

  • distinctions for funds managed by the Company awarded by the industry portal Analizy Online: (i) BNP Paribas Obligacji – the prestigious Alfa 2019 award in the best Polish long-term debt securities fund category, (ii) BNP Paribas Konserwatywnego Oszczędzania – an award in the Polish debt securities fund category;
  • The Company participated in the next two phases of the implementation of the Employee Capital Plans (ECP) programme scheduled for 2020 and concerning companies with 20-49 and 50-249 employees. Due to the SARS-CoV-2 outbreak, the two phases were combined, and the implementation completion date was set for October / November 2020;
  • Due to low interest from clients the Society has liquidated the following funds:
    • Avantage FIZ fund, which was removed from the register of funds on 23 June 2020,
    • the BNP Paribas Zdywersyfikowanych Aktywów sub-fund of the BNP Parasol SFIO. The liquidation of the sub-fund was opened on 16 June 2020.

As at 31 December 2020 the entity managed the following funds:

It started operating in March 2016. The fund consists of 7 sub-funds with diversified investment policies, which enable customers to invest in different asset classes both on the local and global markets. BNP Paribas FIO also offers an Individual Retirement Account BNP Paribas – IKE as well as Individual Pension Insurance Account: BNP Paribas – IKZE. As at the end of 2020, the fund’s assets amounted to PLN 3,394.2 million.

It was acquired from Ipopema TFI in January 2016, after obtaining the relevant consent of the Competition and Consumer Protection Office. The fund consists of 3 sub-funds. The fund’s assets at the end of 2020 amounted to PLN 421.5 million.

Established in 2005; the fund comprises 3 sub-funds investing mainly on the Polish market. As at the end of 2020, the fund’s assets amounted to PLN 53.8 million.

Established in July 2014, with 4 separated sub-funds (1 of which – BNP Paribas Aktywny – is currently being liquited). The management of the fund was taken over following the merger with Riviera TFI. The value of assets at the end of December 2020 was equal to PLN 77.2 million.

Established in May 2014, the management of the fund was taken over following the merger with Riviera TFI. FWR Selective FIZ is a portfolio of absolute rate of return funds, including foreign funds, supported by investments in equity funds and alternative assets funds (e.g. debt, real estate). The value of the fund’s assets amounted to PLN 4.4 million as at the end of 2020.

Created to offer Employee Capital Plans (PPK) to clients. At the end of 2020, the fund’s assets amounted to PLN 49.2 million.

BNPP TFI has partnered with the Bank to distribute units of the funds that it offers under an agreement concluded with the Brokerage Office of the Bank.

Basic financial data of BNP Paribas TFI S.A.

PLN ‘000 31.12.2020 31.12.2019 31.12.2018
Balance sheet total 36,734 37,781 18,992
Long-term investments 44 327 608
Equity 30,147 29,066 12,961
including: net financial result 1,147 54 2,622

BNPP TFI has a share capital of PLN 16,692.9 thousand divided into 695,538 shares with par value of PLN 24 each. As at 31 December 2020, the its equity amounted to PLN 30.1 million and is sufficient to ensure security of the entity’s daily operations.

As at 31 December 2020 TFI managed assets with a total value of more than PLN 4,000 million (compared to PLN 3,185 million at the end of 2019), representing an increase in assets of 25.6% y/y despite a significant decline in net asset value in the first half of 2020, due to the SARS-CoV-2 epidemic. The epidemic had a negative impact on sentiment in the financial markets, where nervousness prevailed. Significant declines were experienced by virtually all asset classes. This situation also had an impact on the reduction in the value of units of funds managed by the Society and prompted clients to withdraw their savings from the funds and convert them into cash. The value of redemptions of fund units recorded by the market of investment funds in March was one of the highest in history. However, the second half of the year brought an improvement of the situation. Reductions in interest rates by central banks and improved sentiment in the financial markets resulted in an increased inflow of funds into investment funds.

Despite the difficult situation related to the SARS-CoV-2 epidemic, the Company recorded net inflows of PLN 739.6 million throughout the year and achieved a positive net financial result of PLN 1,147 thousand at the end of 2020.

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