A number of 20 investment managers operate on the Romanian mutual fund market. Over 95% of the total RON13 billion assets are concentrated in the hands of less than ten managers, which, through the funds they handle, raise the biggest sums from investors.
In 2013, investors placed RON3.5 billion in the 64 mutual funds. The funds managed by Erste Asset Management attracted over half of this sum, namely RON1.8 billion, being the driver of the market, just like in previous years.
Erste Bond Flexible (former BCR Obligatiuni) raised RON1.6 billion last year and reached the impressive size of RON5.6 billion in assets. Overall, Erste Asset Management hit assets of RON5.9 billion and held a market share of over 40%.
“We want to be the main driver of the industry in 2014 as well and we target asset growth above the market level, namely by 30%-35%,” said Dragos Neacsu, general manager of Erste Asset Management.
The funds managed by Raiffeisen Asset Management raised RON739 million from investors in 2013, with the biggest sums entering the accounts of Raiffeisen Ron and Raiffeisen Euro.
Next come the funds managed by BRD Asset Management with RON558 million.
All the three managers are part of banking groups and the record high sums their funds raised were also due to the support of the banking units’ sales force.
Significant sums of money were also raised by funds BT Asset Management (RON236 million), OTP Asset Management (RON93 million) and Pioneer Asset Management (RON84 million).
The three largest mutual fund managers expect 2014 to be at least as good as 2013, when the market advanced by almost 40%. Their expectations range between a 10% plus and a 35% advance. Almost all of them are targeting growth above the market pace.
In 2014, mutual funds will continue to profit from the shrinking banking interests. Unlike deposits, mutual funds are riskier and are not guaranteed and hence those who choose funds to deposits prefer the less risky ones, namely bond funds.
(English version by Catalina Apostoiu)