Quercus TFI S.A.

What Quercus TFI S.A. does

Quercus TFI S.A. is a Warsaw-based, publicly-listed (GPW ticker QRS) independent Polish investment fund company (towarzystwo funduszy inwestycyjnych) founded in 2007 by a group of senior investment specialists led by Sebastian Buczek, most of whom came from ING Investment Management (Polska). The firm is the first publicly-listed TFI in Poland and primarily targets affluent and very affluent retail investors served through private banking channels. As of June 2026, Quercus managed approximately 9.6 billion PLN in assets across an institutional-class umbrella fund (QUERCUS Instytucjonalny SFIO), an open-end umbrella (QUERCUS Parasolowy SFIO) housing 12 subfunds spanning short-term debt, treasury bonds, capital accumulation, absolute return, global balanced, aggressive Polish equity, global growth equity, gold, silver, and 2x leveraged and inverse equity strategies, and seven closed-end funds (FIZ) including Multi-Strategy, Global Balanced Plus, Absolute Return, and Private Equity Multifund structures. Since the November 2025 merger with Templeton Asset Management (Poland), the firm additionally manages three Franklin Templeton FIO subfunds (now branded Fraxinus FIO in liquidation).

The revenue model is asset-management-fee based: a fixed management fee on open-end subfunds (minimum investment 1,000 PLN) and closed-end funds (minimum 200,000 PLN), plus a variable component tied to investment performance, with fees scaled up for discretionary asset management and investment advisory mandates. Distribution runs through five channels — private banking divisions of leading Polish banks, insurance companies, brokerage houses, independent financial advisors, and a direct channel without distribution fee — anchored by the October 2021 acquisition of Dom Inwestycyjny Xelion, Poland's largest independent mutual fund distributor (held through subsidiary Quercus Agent Transfer sp. z o.o.). Operationally, Quercus does not develop proprietary investment technology: Comarch S.A. supplies IT systems, ProService Finteco Sp. z o.o. acts as transfer agent, and Deutsche Bank Polska and Bank Pekao serve as depositary banks; Mazars Audyt is the current external auditor. The company is highly award-decorated at Polish industry level, with consecutive Alfa awards 2020-2024 across equity, debt, and capital-accumulation categories managed by named CIOs and fund managers, who are also shareholders.

Name

Quercus TFI S.A.

Legal name

Quercus Towarzystwo Funduszy Inwestycyjnych Spółka Akcyjna

Website

https://quercustfi.pl

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Quercus TFI S.A. is a Warsaw-based, publicly-listed Polish independent investment fund manager serving affluent investors through 12 open-end subfunds, nine closed-end funds, and discretionary asset management mandates, with 9.6 billion PLN AUM and over 50,000 clients as of mid-2026.

Ownership category

akta.pro rank

Product category

Investment Fund Management

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Fiduciary Investment Management (Trust Portfolios) (FSAEAKAI)

akta.pro secondary industries

Trust & Fiduciary Advisory for HNW/UHNW (Trust Structuring & Trustee Oversight) (FSAAABAF), ESG/Sustainable Investment Advisory (FSAEAAAJ)

Keywords

• Investment fund management
• Asset management services
• Wealth management Poland
• Open-end investment funds
• Closed-end alternative funds

Headquarters

HQ city

Warszawa

HQ country

Poland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Management fees from open-end and specialized investment funds: Quercus TFI S.A. generates revenue through fixed and variable management fees charged on assets under management across its open-end funds (QUERCUS Parasolowy SFIO with multiple subfunds) and closed-end funds (QUERCUS Multistrategy FIZ, QUERCUS Global Balanced Plus FIZ, QUERCUS Absolute Return FIZ, Private Equity Multifund FIZ, Acer Multistrategy FIZ, Alphaset FIZ, Q1 FIZ, Future Tech FIZ, R2FIZ). The variable component of fees is tied to fund performance.
2. Asset management and investment advisory services: For significant investment amounts, Quercus TFI offers asset management and investment advisory services where fee levels are also directly linked to achieved investment results.
3. Performance-based fees (success fee): The management fee structure for QUERCUS funds consists of a fixed component and a variable component dependent on investment results, ensuring alignment of interests between the fund manager and investors.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Quercus TFI S.A. manages and distributes a diversified portfolio of open-end investment subfunds under the QUERCUS Parasolowy SFIO umbrella and a range of closed-end alternative investment funds (FIZ). The firm offers discretionary asset management and investment advisory services for affluent, very high-net-worth, and institutional investors in Poland, with a fee model that combines fixed management fees with variable performance-linked components.

Product overview

Quercus TFI S.A. is a Warsaw-based independent investment fund company (TFI) managing a diversified portfolio of 12 open-end subfundusze under the QUERCUS Parasolowy SFIO umbrella, 7 closed-end funds (FIZ), institutional share classes, and acquired Franklin Templeton subfundusze. The product range spans short-term debt, treasury bonds, absolute return, balanced global, aggressive Polish equity, global growth equity, gold, silver, leveraged equity (2x), inverse/short strategies, and leveraged technology. The company also offers discretionary asset management and investment advisory services. All management is conducted by Quercus TFI with key employees as shareholders, using Mazars Audyt as auditor, Deutsche Bank Polska and Bank Pekao as depositories, ProService Finteco as transfer agent, and Comarch as IT system provider.

Differentiator

Problem solved

Functional benefit

Brands

• QUERCUS Parasolowy SFIO: Umbrella fund with multiple subfunds including equity, debt, and balanced strategies
• QUERCUS Multistrategy FIZ
• QUERCUS Global Balanced Plus FIZ
• QUERCUS Absolute Return FIZ
• Private Equity Multifund FIZ
• Acer Multistrategy FIZ
• Alphaset FIZ
• Fraxinus FIO

Products and services

• QUERCUS Parasolowy SFIO Multi-subfund open-end umbrella investment fund (Specjalistyczny Fundusz Inwestycyjny Otwarty) housing 12 distinct subfunds with varying risk/return profiles, including equity, debt, balanced, gold, silver, and leveraged strategies. Targeted at affluent individual investors with a 1,000 PLN minimum initial investment.
• QUERCUS Dłużny Krótkoterminowy Short-term debt subfund benchmarked to WIBID 6M + 25bps, focused on safety and stable returns with low volatility. Alfa 2024 winner for best-managed Polish debt securities fund.
• QUERCUS Akumulacji Kapitału Capital accumulation subfund (formerly QUERCUS Ochrony Kapitału) offering capital preservation with growth potential through Polish corporate bonds. Article 8 SFDR product. Alfa 2024 winner.
• QUERCUS Obligacji Skarbowych Treasury bonds subfund investing in Polish government debt instruments, offering exposure to sovereign fixed-income securities.
• QUERCUS Absolutny

Quantifiable outcome

• Assets under management of 9.6 billion PLN as of June 2026
• +4 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Dom Inwestycyjny Xelion sp. z o.o.coreChannel Partner/ Reseller/ Distributor · 1 October 2021Quercus TFI S.A., through Quercus Agent Transferowy sp. z o.o., became the owner of Dom Inwestycyjny Xelion sp. z o.o., the largest independent mutual fund distributor in Poland. This acquisition significantly expanded Quercus TFI's distribution capabilities and market reach.
• Mazars Audyt Sp. z o.o.minorOthersExternal auditor for Quercus TFI S.A. providing financial audit services. Previously, Deloitte Polska Sp. z o.o. Sp.k. served as auditor.
• Deutsche Bank Polska S.A.minorOthersOne of the depositary banks for QUERCUS funds, providing custody and oversight services.
• Bank Pekao S.A.minorOthersOne of the depositary banks for QUERCUS funds, providing custody and oversight services.

Scale indicators7 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Skarbiec TFI: Skarbiec TFI is one of Poland's leading independent asset management companies, operating a comparable mix of open-end and closed-end mutual funds, discretionary asset management and advisory services for affluent and institutional clients — directly comparable to Quercus TFI's boutique independent TFI model.
• Investors TFI: Investors TFI is an independent Polish investment fund company managing mutual funds and discretionary portfolios, with a similar mid-size scale, retail and HNW distribution mix, and multi-asset fund lineup that overlaps with Quercus's open-end Parasolowy SFIO and FIZ product range.
• Ipopema TFI: Ipopema TFI is a Polish independent TFI with a focus on retail and institutional fund management across equity, debt and multi-asset strategies, including FIZ products. Its scale, distribution through brokerage houses and banks, and strategy mix are closely comparable to Quercus TFI.
• Superfund TFI: Superfund TFI is a Polish TFI focused on alternative and absolute return strategies, including managed futures and FIZ products. Vice President Paweł Karczewski was previously President of Superfund TFI (2023–2025), evidencing direct talent overlap and a comparable alternative-strategy focus with Quercus's Multistrategy and Absolute Return FIZs.
• Opera TFI: Opera TFI is a smaller independent Polish TFI managing a multi-asset fund lineup including FIZ products with international equity and multi-strategy mandates. Comparable to Quercus TFI in its boutique scale, multi-strategy open-end and closed-end offering, and use of Polish brokerage distribution channels.

Broad incumbents

• NN Investment Partners TFI (NN TFI): NN Investment Partners TFI is the Polish arm of NN Group, one of the largest asset managers in Central Europe, offering a broad retail and institutional fund range. As a much larger bank/insurance-affiliated incumbent with comparable Polish fixed income and balanced strategies, it represents the scale competition facing Quercus TFI.
• TFI Allianz Polska (formerly Aviva Investors TFI): TFI Allianz Polska is a large bank-insurance-affiliated Polish TFI with a broad mutual fund and pension product range, where Quercus's CFO Agnieszka Strzelczyk previously worked (2003–2011). It competes with Quercus across Polish bond, equity and balanced fund categories and represents a key incumbent in the HNW/private banking channel.
• PKO TFI: PKO TFI is Poland's largest investment fund company, affiliated with PKO Bank Polski. It offers a comprehensive open-end fund range and dominates the Polish retail fund market, serving as the principal scale incumbent against which independent TFIs like Quercus must compete on differentiation and performance.
• PZU TFI: PZU TFI is one of the largest Polish TFIs, owned by PZU Group, with a broad product lineup spanning Polish equity, bond, mixed and alternative strategies, plus a captive distribution network through PZU's insurance and banking channels — a direct incumbent in the categories where Quercus TFI competes.

Emerging players

• Esaliens TFI: Esaliens TFI is a mid-sized Polish TFI (formerly Legg Mason TFI) offering a range of Polish and international equity, bond and mixed-asset funds, including ESG-focused strategies. Its size, product mix and Polish retail/brokerage distribution overlap with Quercus TFI, though with a smaller closed-end/FIZ book.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/quercus-tfi-s.a.

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Quercus TFI S.A.