Corporate Provision Funds exceed EUR 10 billion in assets under management for the first time
(World News Austria)

Austria`s corporate provision funds (BVK; betriebliche Vorsorgekassen), which have been managing the `new` severance payment scheme (Abfertigung neu) for around 15 years, had assets under management that exceeded EUR 10 billion for entitled beneficiaries for the first time in the first half of 2017. In so doing, according to calculations performed by the Oesterreichische Kontrollbank (OeKB), they posted an investment result of +2.73%, compared with an annual average of +2.71% over the last five years, and +1.99% over the last ten years. Currently there are eight corporate provision funds that are licenced and supervised by the Austrian Financial Market Authority (FMA). The market...