One of the largest investment banks in the world, JP Morgan Chase, has been selected by the Pension Agency of Georgia to launch its investing in international financial markets, the Agency announced on Tuesday.
As the Agency's main broker-dealer in foreign investment, JP Morgan Chase will carry out trading transactions in foreign financial markets on the instructions of the state institution and in compliance with the Georgian law, the Agency said.
The body also noted the diversification of its investment portfolio had “entered an active phase” based on the decision of its Investment Council, adding it had already begun buying the United States Dollar currency, with 4.2 percent of its investment portfolio invested in Dollars as of March 31.
The Agency said the next step in the diversification of its investment portfolio would involve investing funds in global financial instruments.
With over $400 billion in market capitalisation, JP Morgan Chase is one of the global leaders in financial services.
A total of 1,265,000 people have been registered in the Georgian pension scheme as of April 6, with a net return since its inception in 2019 reaching ₾318 million ($103mln/€94mln) as a result of investment activities.
The Agency announced a total of 1,698 people had benefited from the accumulative pension system. It came into effect in Georgia in January 2019 and applies to Georgian citizens, foreign citizens living in Georgia with a permanent residency in the country, and stateless persons who are employed or self-employed and receive an income.