BNP Paribas Towarzystwo Funduszy Inwestycyjnych S.A.

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 2019, the following significant corporate events took place:

• merger of companies: Towarzystwo Funduszy Inwestycyjnych BGŻ BNP Paribas S.A. and Riviera Towarzystwo Funduszy Inwestycyjnych S.A., consisting in the acquisition of Riviera TFI S.A. by TFI BGŻ BNP Paribas S.A. (as the acquiring company) pursuant to Art. 492 § 1 item 1 of the Code of Commercial Companies, as a result of the registration of the merger by the Registration Court, pursuant to the decision of 29 March 2019, in the National Court Register;
• deciding to participate in the Employee Capital Plans (PPK) Programme. For this purpose, a new fund was established – BNP Paribas PPK SFIO. At the same time, in accordance with legal requirements, the Company equity capital was increased to over PLN 25 million. In the first stage of the sales activities, covering entities with over 250 employees, the Company enrolled 96 firms;
• registration of the company’s name change from Towarzystwo Funduszy Inwestycyjnych BGŻ BNP Paribas SA to BNP Paribas Towarzystwo Funduszy Inwestycyjnych SA on 20 May 2019;
• due to low interest of customers, the Company decided to liquidate BGŻ BNP Paribas Global Allocation FIZ fund, which was removed from the fund register on 17 December 2019.

As at 31 December 2019 the entity managed the following funds:

• BNP Paribas FIO (until 15.01.2020 the fund operated under the name of BGŻ BNP Paribas FIO) – 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 2019, the fund’s assets amounted to PLN 2,594.1 million.
• BNP Paribas Parasol SFIO (until 29.09.2019 the fund operated under the name of BGŻ SFIO) – 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 4 sub-funds. The fund’s assets at the end of 2019 amounted to PLN 426.9 million.
• BNPP FIO (until 29 September 2019, the fund operated under the name of BNP Paribas FIO) – established in 2005; the fund comprises 3 sub-funds investing mainly on the Polish market. As at the end of 2019, the fund’s assets amounted to PLN 44.3 million.
• Avantage FIZ in liquidation – created in November 2015; the offer is addressed primarily to wealthy clients due to the higher minimum investment amount and complex investment strategy. The fund’s liquidation started on 27 December 2019. The value of the fund’s assets was equal to PLN 6.9 million as at the end of 2019.

• BNP Paribas Premium SFIO (until 03.02.2020 the fund operated under the name of Spectrum SFIO) – established in July 2014, with 4 separated sub-funds. The management of the fund was taken over following the merger with Riviera TFI. The value of assets at the end of December 2019 was equal to PLN 106.1 million.
• FWR Selektywny FIZ – 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 4.5 million as at the end of 2019.
• BNP Paribas PPK SFIO with 8 separated sub-funds (the so-called target date funds, TDF), created to offer Employee Capital Plans (PPK) to clients. At the end of 2019, the fund’s assets amounted to PLN 2.3 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.

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 2019, the its equity amounted to PLN 29.1 million and is sufficient to ensure security of the entity’s daily operations.

As at 31 December 2019, the Company managed assets of the total value of over PLN 3,185 million (compared to PLN 1,811 million at the end of 2018), an increase in assets by 76% y/y – one of the highest on the investment funds market. The increase in value of assets under management was influenced mainly by two factors: positive net sales of participation units (over PLN 1,143 million) and inclusion of Riviera TFI funds.

Despite incurring one-off costs related to the merger with Riviera TFI, as well as costs of the PPK project, the Company recorded a positive financial result in 2019 in the amount of PLN 0.1 million.