CZECH REPUBLIC - Credit Suisse L&P was the largest Czech pension fund in 2002, reported the Czech News Agency.
According to the agency, which cited data from the Prague-based Czech Association of Pension Funds (APF), Credit Suisse L&P had 603,000 clients at the end of last year, making it the leader in the private pension insurance market.
Last year, the fund merged with another pension fund, the Vojensky otevreny PF.
Credit Suisse was followed by the PF Ceske sporitelny with 376,000 clients; Penzijni fond Ceske pojistovny (348,000); Ceskomoravsky PF (293,000), PF Komercni banky (256,000), ING PF (255,000), ABN Amro PF (204,000), Allianz PF (107,000) and CP PF (86,000). None of the four remaining funds has over 22,000 clients.
Pension funds raised profits by Kc540m (E17m) to Kc2.27bn (E72m) last year.
The highest profits were recorded by Credit Suisse (Kc615m), PFKB (Kc420m), ING PF (Kc243m), PFCS (Kc238m), CMPF (Kc206m) and PFCP (Kc201m).
At the end of last year, pension funds had 2,597 million active clients, around a quarter of the Czech population, and 89,000 more than 2001.
The report predicts further private pension fund mergers this year. It says that the PFCP is to merge with CP PF and CMPF with CSOB PF.
Only 11 of the original 44 pension funds are expected to remain on the market.
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