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Financials

Vienna Insurance and C-Quadrat to offer asset management services in Poland

VIENNA, Aug 12 (Reuters) - Vienna Insurance (VIG) said on Wednesday it has set up a joint venture in Warsaw with C-Quadrat Investment to offer investment services and funds in Poland.

C-Quadrat, a Vienna-based asset management group, will hold 60% of the new company. Five Polish VIG group companies - Compensa Non-life, Compensa Life, InterRisk, Vienna Life and Wiener - will hold 40%, the Austrian insurer said.

The joint venture will offer a broad range of products with a focus on open-ended funds and long-term savings products.

“The growing prosperity of Polish society is generating increased demand for these products,” said Harald Riener, a member of VIG’s managing board and designated chairman of the supervisory board of the joint venture.

“Having our own asset management company in Poland offers better possibilities for creating an attractive range of savings and investment products.”

The venture aims to start operations in the first quarter of 2021, subject to approval by the Polish Financial Supervisory Authority. (Reporting by Kirsti Knolle; Editing by Susan Fenton)

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