Romanian Open-End Funds Post RON578M Net Subscriptions In 1Q

04.11.2011 By Andrei Circhelan

Net subscriptions in Romanian open-end investment funds were at 578.4 million lei (EUR1=RON4.1084) in the first three months of 2011, almost triple from RON196.9 million in the previous quarter, fund manager association AAF data showed Monday.

Net subscriptions in Romanian open-end investment funds were at 578.4 million lei (EUR1=RON4.1084) in the first three months of 2011, almost triple from RON196.9 million in the previous quarter, fund manager association AAF data showed Monday.

Investment funds included in the "Others" category posted net subscriptions of RON237.1 million in the interval analyzed, representing 41% of the overall amount subscribed in all open-end funds. These funds posted the greatest net asset value increase in the analyzed period, up 22% since the beginning of the year, to RON1.15 billion.

Overall open-end investment fund assets were up 12.1% to RON6.155 billion at the end of March, from RON5.488 billion at the beginning of the year.

Monetary funds boast the highest asset value, namely RON3.29 billion in March, up 7.9% from RON3.05 billion at the end of 2010. Monetary funds drew net subscriptions worth a total RON187.8 million in January to March.

Bond funds had net assets worth RON1.11 billion at the end of March, up 16.9% since the beginning of the year. Net subscriptions on this segment cumulated RON140.4 million, compared to net withdrawals worth RON16.4 million in the previous quarter.

Diversified funds had assets worth a total RON326 million end-March, up 10.8% since December 2010. Net subscriptions reached RON13.1 million, after withdrawals of RON15.5 million in the final quarter of 2010.

Stock funds posted an 8.8% rise in net asset value since the beginning of the year, to RON245 million. Subscriptions equaled withdrawals in these funds over the interval analyzed.

Closed-end fund assets rose 26.2% since the beginning of the year, to RON226 million. These funds drew net subscriptions worth RON24.8 million.

Open-end funds had a total 230,946 investors at the end of March, while closed-end funds had 92,425 investors.

Erste Asset Management ranked first in the net asset value chart at the end of March, with assets worth RON2.52 billion. Erste Asset Management controls 39.2% of the market, while runner-up Raiffeisen controls 38.49% of the market.