SLOVENIA – The supervisory board of the state-run €1.18bn Pension Fund Management, or Kapitalska Druzba (KAD), has reported a SIT15bn (€62m) net profit result for 2005.

According to reports, the board labelled the result a success with KAD retaining top spot as Slovenia’s largest mutual pension fund manager.

“The final audited results for 2005 you can expect at the end of May,” a KAD spokesperson told IPE.

According to the spokesperson, KAD manages the assets of four mutual pension funds – with more than 260,000 members - and one guarantee fund totalling €447m. Roughly €9m is paid monthly in premiums.

“KAD is not managing more pension funds in 2005 than 2004,” the spokesperson said.

KAD has a €679.4m listed securities portfolio with holdings in 99 companies and a €270.4m non-listed securities portfolio containing 193 holdings.

It also has a €13.7m short-term trading portfolio, a €202.8m fixed income securities portfolio, and a €99.7m portfolio comprising of securities of foreign issuers, according to a KAD presentation.

The newly appointed three-strong management board is led by president and KAD chief executive officer Tomaz Toplak.

KAD announced in March that Toplak would take up the CEO position. Other members include Mateja Bozic and Helena Bester.

At the start of April, Toplak announced KAD would be restructured into a financial group – part of the new board’s strategy.

The group – under parent company KAD – will include a management firm, grants company and life insurance company, according to the Slovene Press Agency.

The Agency added that as part of the transformation, KAD would “offload minor stakes that have no growth potential”.

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