NBS issues license to DDOR-Garant to manage Societe Generale's funds Stednja and Ekvilibrio

At its meeting on Thursday, the NBS Executive Board issued to the voluntary pension fund (VPF) management company DDOR-Garant a.d. a license to manage VPFs Societe Generale Stednja and Societe Generale Ekvilibrio, as the management company Societe Generale Penzija а.d. Beograd wound down its operations and transferred its management rights to DDOR-Garant, NBS said in a release on its website.

Pursuant to law, the issuing of the management license to DDOR-Garant at the same time implies license revocation from Societe Generale Penzija. As this company manages no other VPF, its operating license was revoked as well and it was referred to voluntary liquidation.

VPF assets are at all times separated from the assets of management companies and are held in custody bank accounts. Therefore, the winding down of a management company by no means affects the holdings of VPF members. Unicredit Bank Srbija а.d. Beograd which in the previous period performed custody services for VPFs Societe Generale Stednja and Societe Generale Ekvilibrio will continue to provide these services and the method of contribution payments will not change. The number of investment units and balances in member accounts will not change either. All rights of members of these two VPFs will remain the same or even improve (e.g. the maximum contribution fee will be lowered from 3% or 2.75% to 2.7%).

DDOR-Garant will in eight-days’ time inform in writing the members of Societe Generale Stednja and Societe Generale Ekvilibrio of these changes. If they no longer wish to be members of these VPFs, they may transfer their accounts to VPFs managed by other companies – within 60 days following the receipt of such notification. Transfer costs will be borne by DDOR-Garant.