Investment funds kicked off the year with the introduction of specialised closed funds in an effort to beat the taxman.
A PLN60m Pioneer Pekao fund launched at the end of January closed one month ahead of time on 13 February (it was planned until 12 March).
The fund was clearly very popular and the minimum amount raised of PLN20m was achieved only four days after it was launched according Zbigniew Jagiełło, MD of Pioneer Pekao investment funds.
However there are rumours on the market that this success was in no small part due to companies associated with the fund buying into it.
This fund was the second of its type to enter the Polish market. It was also the first to enter the market after the introduction of taxation on deposit accounts but not on certain types of capital gains. Private individuals are free from paying capital gains tax on papers acquired in public offers until the end of next year.
Krzysztof Lewandowski, director of strategy at the Pioneer Pekao fund agrees that without doubt the taxation aspect had a lot to do with the success of the issue.
On the contrary, the taxation issue did not help an issue of papers based around real estate for the Skarbiec investment fund house.
Papers in the fund were available until 5 March but it failed to reach the minimum level of PLN30m required. It therefore had to be cancelled.