19 C
Georgia
Monday, April 15, 2024

Georgian Pension Agency to start investing in foreign financial markets

Georgia: The Pension Agency of Georgia has chosen JP Morgan Chase, one of the world's major investment banks, to launch its investment in international financial markets, the Agency stated on Tuesday.

- Advertisement -spot_img
- Advertisement -spot_img

Georgia: The Pension Agency of Georgia has chosen JP Morgan Chase, one of the world’s major investment banks, to launch its investment in international financial markets, the Agency stated on Tuesday.

As the Agency’s primary broker-dealer in foreign investment, JP Morgan Chase will conduct trading operations in international financial markets on behalf of the state institution and in accordance with Georgian legislation, said Agency.

Advertisement

Moreover, the body also stated that, as a result of its Investment Council’s decision, the diversification of its investment portfolio had “entered an active phase” and that it had already begun buying the US Dollar currency, with 4.2 per cent of its investment portfolio invested in Dollars as of March 31.

The Agency stated that the next step in the diversification of its investment portfolio would involve investing funds in international financial instruments. JP Morgan Chase is one of the world’s largest financial services companies, with a market capitalization of over $400 billion.

As of April 6, a total of 1,265,000 persons were enrolled in the Georgian pension scheme, with a net return of $318 million ($103 million/€94 million) as a consequence of investing activities since its launch in 2019.

The accumulative pension scheme has benefited 1,698 people, according to the Agency. It went into force in Georgia in January 2019 and applied to Georgian nationals, foreign citizens having a permanent residency in the country and stateless people who are employed or self-employed and receive an income.

- Advertisement -spot_img
Latest news
- Advertisement -
Related news
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here