Atlanta-based Invesco Retirement and Benefit Services Inc. (IRBS) has formed a joint-stock company with the Polish Conference of Bishops in its first foray in Europe to manage the retirement funds of Europeans, CEO Hubert L. Harris told GlobalFax last week in an E-mail message.
The company, named Arka-Invesco, will provide new investment vehicles to meet the financial retirement needs of Poland’s workforce.
Arka-Invesco was set up with the assistance of Wit Zabinski, president of the consulting firm Corporate Strategies International, who has joined the board. Mr. Zabinski is an Atlanta resident and specializes in providing consulting services to U.S. companies doing business in Poland.
Mr. Harris said that Mr. Zabinski had been helpful in getting the company started and providing introductions to Polish officials.
While identifying France, Germany, Italy, and the U.K. as other European countries in which Invesco is exploring for similar opportunities, he had special praise for Poland.
Poland “has a good, strong economy,” he said in his message. “In addition, the Polish privatization plan of the social security system is well designed and looks very attractive.”
He said that “pay as you go” social security plans throughout Europe are proving to be inadequate to meet the retirement needs of the population due to demographic changes.
Governments throughout the continent, he added, are looking to private sector pension companies as a better alternative to meeting the retirement needs of their citizens.
IRBS is a subsidiary of AMVESCAP PLC, a worldwide independent investment management company with more than $275 billion in assets under management, operating under the AIM and Invesco brand names. The company is listed on the London, New York and Paris stock exchanges.
Call Leslie Hatcher at (800) 538-6370. The company’s Web site may be found at http://www.invesco.com Mr. Zabinski may be reached by calling (404) 633-0015. His E-mail address is wzabinski@csi-atlanta.com