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.