One of the world’s largest investment banks, JP Morgan Chase, has been selected by the Pension Agency of Georgia to launch its investments in international financial markets, the agency announced on Tuesday.
As the foreign investment agency’s principal broker-dealer, JP Morgan Chase will conduct trading operations in foreign financial markets under the direction of the state institution and in accordance with Georgian law, the agency said.
The panel also noted that the diversification of its investment portfolio had “entered an active phase” based on its Investment Council’s decision, adding that it had already started buying US dollar currency, with 4, 2 percent of his investment portfolio is invested in dollars as of March 31.
The agency said the next step in diversifying its investment portfolio would involve investing funds in global financial instruments.
With a market capitalization of over 400 billion US dollars, JP Morgan Chase is one of the world’s leading financial service providers.
As of April 6, a total of 1,265,000 people were registered in the Georgian pension system, with a net return since its inception in 2019 reaching £318 million (US$103 million/€94 million) as a result of investment activity.
The agency announced that a total of 1,698 people have benefited from the cumulative pension scheme. It came into force in Georgia in January 2019 and applies to Georgian citizens, foreign citizens living in Georgia with permanent residence in the country and stateless persons who are employed or self-employed and earn an income.
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