EUROPE - The government appointee responsible for Austria's capital markets, Dr Richard Schenz, has said he expects to see a shift of funds managed under the country's state supported private pension scheme, the Zukunftsvorsorge, into eastern Europe when the accession countries formally join the EU on 1 May.
Under current rules, 40% of funds invested in Zukunftsvorsorge must be invested in equities in under-capitalised EU markets, defined as a capitalisation under 30% of national GDP. When the state...
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