Bank of New York Co. Inc. said Tuesday that it had registered an investment fund company in Poland.
It said the Warsaw unit, BNY National Trust TFI SA, plans to offer funds including private equity, hedge, and real estate. Its first fund will be a closed-end private equity portfolio of private equity funds and direct investments in established, privately held companies.
BNY National Trust has applied to the Polish securities regulator for permission to begin operations. After obtaining this permission, it said, it intends to launch a public issue.
Polish pension fund assets grew about 40% in 12 months, to $29 billion this February, the New York company said. And assets managed by licensed fund management companies grew about 70%, to $20 billion.
