Serbian voluntary pension funds' assets rise 11.5% y/y at end-2023

The volume of net assets was up 2.7% compared to the end of September, NBS said in a statement on Monday.

At the close of December, the majority of VPF assets were allocated to government securities, comprising 70%, with balances in custody accounts and bank time deposits following at 18%, and company shares at 11%, among other investments, the statement read.

The FONDex index, an indicator of the movements in the VPF system, rose 8.1% on the year and came in at 3,311.07 at the end of December.

The number of fund members in the accumulation phase increased 2.4% on the year to 220,714 at the end of 2023, equivalent to 9.6% of the total number of employees in Serbia. The average age of the voluntary pension funds' clients was 48 years.

At the end of 2023, a total of four pension fund managers operated in Serbia, managing the assets of seven voluntary pension funds, along with five bank intermediaries, one insurance company intermediary and two custodian banks.

(1 euro = 117.126 dinars)