Investment and Pension Funds
Investment and pension funds are pools of assets or public limited companies whose assets are managed on the principle of risk-spreading by a management company. An activity licenses is required for managing an investment fund or a pension fund, issued or revoked by the Financial Supervision Authority.
- common investment fund
- investment fund established as a public limited company
- mandatory pension fund
- voluntary pension fund
Only a person who meets the requirements for fund managers as set forth in the Investment Funds Act and who has sufficient professional experience for management of a pension fund as well as impeccable business and professional reputation can be the fund manager of a pension fund.
The fund manager of a mandatory pension fund can be a fund manager who has acted as a fund manager for at least one year within the past five years or has been engaged in provision of portfolio management services for at least three years.
A pension management company shall each time apply for a respective permit from the Supervisory Authority for appointment of the fund manager of a mandatory pension fund.