Wpływ kryzysu finansowego na działalność towarzystw inwestycyjnych w Polsce
The aim of this article is estimation of significance of financial crisis on investment fund management companies' activity on Polish financial market during two years – from July 2007 to June 2009. The most important aspect of this impact was decline of investment funds' net asset value (from 139,0 billion PLN to 77,2 billion PLN). It was due to decreasing value of securities in funds' investment portfolios and negative balance of payments and amortizations (investors withdrew from funds 25,4 billion PLN more than they paid in). Declining value of net assets value caused decrease of value of investment fund management companies' management fees and decreasing payments were a reason of falling distribution fees. Decreasing fees contributed to lower income and lower net profit. Financial crisis had also other consequences – for example decreasing amount of new investment fund management companies and investment funds and increasing amount of funds' liquidations.