The condition of the mutual fund market will primarily depend on:

• the economic climate on capital markets;
• the volatility of yields on treasuries;
• the attractiveness of traditional bank deposits;
• changes on the financial intermediation market, especially the slow-down in the growth of popularity of independent financial advisory services and, therefore, a reduction in the number of sales channels;
• the currently unpredictable possible further regulatory changes regarding, inter alia, the pillar III pension system – especially with respect to individual products – the lack of clearer incentives for savers may continue to block the development of this segment of the market.