News Parkiet

Finances

Investment boom faces specialist shortage

Polish stockbrokers and asset management firms are increasingly complaining about the shortage of qualified research analysts and certified financial advisers as they expand their portfolios and open new investment funds. Few experienced financial advisers are willing to change their jobs, one industry source says. Mariusz Adamiak from Pioneer Pekao Investment Management says some people who got their license during the previous boom in late 1990s have left for regional Central European funds, while others went on to other jobs. In the meantime, assets managed by domestic mutual and pension funds grew and at least half a dozen asset management groups are actively seeking new candidates to fill their vacancies. The head of one investment firm says it took him nine months to find the right person.

One stockbroker, Dom Maklerski BZ WBK brokerage says it needs three research analysts to replace the people who left for CAIB Securities. Another, IDMSA.PL, an investment boutique from Kraków, plans to expand its research team to ten people. IDMSA.PL now has just four analysts.

Macroeconomics

Economists see lower April retail sales

April retail sales may have fallen as much as 20 percent, some economists polled by PARKIET said last week. Analysts surveyed expect a drop by an average of 13.9 percent from last year?s record levels spurred by a last minute buying frenzy before new taxes that came into effect along with EU membership. Car sales figures released earlier this month were almost 60 percent lower.

The CSO will report retail sales figures on Wednesday.

Privatization

Privatization advisor fees lower, Treasury says

Total fees paid by the Polish government to privatization advisors fell to just 12.65 million zloty from PLN 23 million two years ago despite privatization sales that were two and half times higher than last year. Poland sold 10.25 billion zloty worth of state-owned assets last year compared with just 4.14 billion zloty in 2003.

Credit Suisse First Boston took about half of last year?s privatization fees, with the Polish Institute of Management and DM Penetrator brokerage taking second and third place respectively.

Civil engineering

PBG makes another acquisition

Publicly traded pipeline builder PBG SA has agreed to pay about 4.4 million zloty ($1.35 million) for a 99.75 percent stake in Poland?s biggest sewage network and water supply building contractor. Infra SA, PBG?s most recent acquisition, has an 18 percent market share with annual sales of about 14.3 million zloty and a small profit last year. The deal makes PBG?s third takeover since last year?s Initial Public Offering on the Warsaw bourse.