The fund had assets of RON40.7 million and 10,067 contributors at the end of 2014.
“Metropolitan Life constantly revises its business portfolio to make sure it reaches its financial targets and brings value to its clients and shareholders. Voluntary private pension fund Pensia Mea is an excellent addition to Certinvest’s business. They have the know-how needed to efficiently manage voluntary private pension assets and their business goal is to expand on this segment,” Metropolitan Life Romania general manager Emilia Bunea said in a press release Friday.
Certinvest head Horia Gusta said the acquisition of APF will allow the company to present clients with an integrated offer.
The value of the deal has not been disclosed.
Metropolitan Life Romania is the second largest life insurer in Romania, with a market share of 16%.
Certinvest is one of the biggest players on the local mutual fund and asset management market, with assets of EUR55 million under management. The company was set up in 1994 by Eugen Voicu. In December 2003, Voicu sold a 70% stake in Certinvest to investment fund RAEF.
In September 2008, Certinvest changed its name to Aviva Investors Romania, joining the rest of the assets management companies part of the Aviva group.
Two years later, Voicu bought the company back from Aviva.
The Romanian voluntary private pension segment is operated by ten funds, which had an average yield of 7.45% last year, from 11.33% in 2013, and reached total net assets of RON1.04 billion, up 28% on the year.