The figures for Malaysia and Singapore include assets the publicly mandated Provident funds. Assets of
other pension funds other than the Provident Fund in Malaysia amount to about 16% of total financial
system assets. Pension fund assets are also quite low in relation to GDP in Korea, as well as a number
of European countries, including Germany and France. A large portion of retirement savings in these
countries are placed with other institutional investors, including insurance companies and securities
funds managed by banks