POLAND - Assets in the 15 mandatory second pillar pension funds of Poland grew by 2.2% over the last month reaching PLN139.3bn (€37.3bn).

Growth in assets followed a two-month consecutive decline of 0.6% and 0.8% for July and August respectively.

Research group Analizy noted with the 2.2% growth, the funds not only made up lost ground but also reached a new record high in asset levels.

Asset growth was fuelled by three factors ranked by importance, according to Analizy: contributions transferred to the funds from the national social security office ZUS; money from transfers between pension funds, and returns on the portfolio.

The best performing fund was AXA OFE, growing its assets by 3.5% to PLN6.1bn. According to analysts, this was mainly as a result of winning customers from other funds as well as winning new-to-the market customers.

The worst performer was the smallest fund PLN1.3bn OFE Polsat, with 0.8% growth. The largest fund Aviva's PLN36.3bn Commercial Union OFE reported a 2.2% growth.