Raiffeisen Private Banking’s funds proposition has recently been defined by its effort to build a broader investment platform while moving further up the value chain for wealthy clients who want more than standard portfolio construction.
In the Czech Republic, this has meant developing bespoke fund structures for ultra-high-net-worth clients, not as one-off wrappers but as a flagship offering built with Raiffeisen Investment Company, the bank’s wholly owned Czech asset management subsidiary.
In the first half of 2025, this long-running effort culminated in four new funds, showing how the bank is using tailored vehicles to bring private markets, liquid portfolios and family-office style servicing into a more institutional format for its richest clients.
What makes the Czech development notable is not only the number of launches but the way those funds were designed. Two of the new vehicles follow a strategic asset-allocation model with tactical overlays from the investment company, pointing to a more active approach than a conventional balanced mandate. Another is a dedicated private-equity fund built around the bank’s first commitment to Thoma Bravo, the US technology-focused private-equity house known for investing in software businesses. The largest of the four funds was structured with the family office of two prominent families and their own asset-management teams, blending liquid investments with private-equity exposure while Raiffeisen provides the administration, depository and custody infrastructure.
In Romania, the bank showed the same client-led strategy in a more scalable form. There, the private banking offer has expanded through a managed-solutions range that now includes six advisory funds, among them Moderate Euro, Sustainable Mix, Conservator Euro and Sustainable Solid, the latter launched locally in May 2025.
In Serbia, Raiffeisen Green, introduced in 2022 as the first ESG investment fund on the domestic market, opened the way for a broader sustainable investing range
Performance has helped the proposition gain traction, with year-to-date returns reaching 10.6% in the Moderate Ron fund, while the wider architecture has grown to 17 instruments spanning equity funds, fixed income, money-market products, RBI bonds and certificates. This demonstrated that the bank is not relying on a single flagship product, but that it is building a shelf that can serve clients across different risk appetites, currencies and sustainability preferences.
The result has been measurable asset growth, with total private banking assets under management (AUM) reaching €1.9 billion by October 2024, up 9% year-on-year, and investment funds surpassing €1.1 billion in the first quarter of 2025.
The private bank, under Attila Bálint, has also used sustainability as a practical expansion route. Alongside the local launch of Sustainable Solid, the bank passported two new Raiffeisen Capital Management sustainable funds into the market. Raiffeisen Capital Management, the Austrian fund arm of Raiffeisen Bank International, is one of the group’s main investment-manufacturing platforms, and its cross-border funds give local private banking teams access to a deeper product pool. In Romania, this model has been supported by collaboration with RBI Research, whose market forecasts were incorporated into regular portfolio reporting, giving clients not just products but a more structured investment narrative around them.
In Serbia, Raiffeisen Green, introduced in 2022 as the first ESG investment fund on the domestic market, opened the way for a broader sustainable investing range. This was followed by Raiffeisen Alternative ESG and, in July 2024, by the conversion of Raiffeisen World into a feeder fund investing into Raiffeisen Sustainable Mix, the group’s large Austrian sustainable mixed fund. Raiffeisen Sustainable Solid, another of the group’s ESG-oriented master funds, is designed to combine financial returns with environmental, social and ethical criteria. By the second quarter of 2025, ESG certificates accounted for 48% of certificate AUM, while investment fund AUM rose 50.3% and securities portfolio AUM climbed 79.3%.
