Pension fund management company Erste Plavi has won the Institutional Investor Peer to Peer Award from the Institutional Investor Institute.

The award also notes Erste Plavi as the best pension fund management company in Eastern Europe, according to a press release. Companies winning awards were selected based on innovative approaches to asset management, among other factors.

"We are very proud of our achievements, and particularly of the yields that greatly increased the pension savings of our members," management board member Senka Fekeza Klemen said. "By introducing new financial instruments and models we have further improved the investment process."

Some innovations for Erste Plavi included new risk-management software and the ability for customers to apply online for pension fund management.  A modern website presents the pension system in a user-friendly format to help individuals chose a plan the best suits their needs.

Last year Erste Plavi pension funds recorded the highest yields in the A and C mandatory pension funds category and in the category for open voluntary pension funds available on the domestic market.