The 60 Romanian mutual funds have a RON7 billion wealth and invested 49% of their assets in bonds issued by foreign banks and in government bonds, according to information available at the end of September. Around 44.4% of the assets were deposited in banks or kept in cash. The funds had invested only 3% of their assets in shares of companies listed on the Bucharest Stock Exchange.
“The structure of investments tells us that mutual funds finance local and foreign banks, placing the money in deposits and bonds, not in Romanian companies,” said Radu Hanga, general manager of BT Asset Management, the manager of the largest equity fund BT Maxim, with RON40 million (EUR9.3 million) in assets. (EUR1=4.3053)