Development of Collective Investment in CR towards the European Standards
|Author:||Mgr. Jana Fajtová|
|Year:||2000 - summer|
|Leaders:|| † doc. Ing. Jiří Havel CSc.
|Work type:|| Financial Markets
|Awards and prizes:|
|Abstract:||This thesis focuses on the area of collective investment in Czech Republic, mainly its development towards the standards of advanced European countries. The title represents the main aim of the thesis -- to explore the development of Czech collective investment sector, and specify if legal and institutional framework of funds sector have approached the EU standards.
The thesis consists of two main parts. The first section summarizes the development of collective investment in CR. The means of collective investment (investment funds and mutual funds) came into being principally as by-products of the Czech coupon privatization. Privatization funds had not become regular subjects of collective investment. Nonstandard environment related to economic transformation affected Czech funds performance and consequent serious deformations led to a loss of investor's confidence. However, legal and institutional framework had been improved step by step and the arrangement of Czech fund sector has been brought closer to standards of advanced economics.
In the second part collective investment subjects in CR and in European countries are compared. For some comparative analyses data provided by European Federation of Investment Fund and Investment Companies has been used. Its statistics involve open-ended funds managed by members of associated countries. In Czech republic, Union of Investment Companies CR (UNIS CR) represents such association. UNIS CR has significantly participated in cultivation of the fund market. Today, standard open-end funds are prevailing on the Czech collective investment market. The comparison of Czech and European subjects of collective investment illustrates to which extent is the Czech fund sector prepared for the integration to the internal EU market.
In conclusion the key aspects of collective investment development in Czech Republic are summarised. Based on the results of Czech and European subjects comparison the position of Czech funds within European context is evaluated and growth potential as well as future trends are specified. However, the growth potential achievement is based on a set of essential factors.