Who Is The Best-paid Fund Manager In Romania?

05.10.2011 ZF English

A fund manager was in 2010 the best-paid employee in Bucharest, with a net income of 145,000 lei/month, reveal statistics of the biggest salary incomes in Bucharest recently released by the Romanian tax authority ANAF. All clues point to Greg Konieczny, manager of Fondul Proprietatea (FP.RO) and employee of the Bucharest branch of Franklin Templeton Investments Ltd.

In 2010, a fund manager for the first time joins the ranking of the best-paid employees in Bucharest, coming in straight at number 1. The local investment fund industry, with EUR1.3 billion in assets, is 60 times smaller than the banking sector, with EUR80 billion in assets at the end of last year.

However, the net monthly income of 145,000 lei and the annual income of 1.74 million lei (EUR408,000) collected by the fund manager is comparable to that collected by the member of a bank's management board, say sources from the asset management market.

"I think the fund manager in the ANAF statistics is Greg Konieczny because I honestly doubt that a Romanian investment fund manager could collect a monthly salary of RON145,000, considering the value of net assets that Romanian fund managers handle and the asset structure," said Dragoş Neacşu, president of investment management company Erste Asset Management, the biggest local mutual fund manager, with over EUR600 million in net assets.