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Erste brings six international funds on Romania's market

Administration company Erste Sparinvest within the Austrian Erste group - major shareholder of the Romanian Commercial Bank (BCR) - has listed a package of six international investment funds with the National Securities Commission (CNVM) in order to operate on the Romanian market.

The six open-end investment funds are registered and supervised by the Financial Market Authority in Austria and administered by Erste Sparinvest with headquarters in Vienna and are to be distributed on the domestic market through BCR bank unit chain.

Three equity funds were registered with CNVM - ESPA Stock Global Emerging Markets, ESPA Stock Global and ESPA Stock Europe Emerging - and three bond funds - ESPA Bond Europe, ESPA Bond Dollar and ESPA Bond Danubia, with a total asset volume in excess of 1.8 billion euros.

Annually profitability rates of the three equity funds are on the red, ranging between minus 30 percent and minus 18 percent in euros, whereas just one fund of the three bond ones, ESPA Bond Danubia, which invests in bonds in Central and Eastern Europe, has brought profits in euros to the respective investors in the past year, according to information available on the administrator's site, taken over by Ziarul financiar daily.

Dragos Neacsu, President of the administration company BCR Asset Management, said that the arrival of the six international investment funds is part of the group's diversification strategy of its investment products. He maintains at the same time that even though at present investor's risk fear still runs high, distribution of these funds on the domestic market has in view a medium time horizon and he hopes that, till the end of November, the distribution process could be launched.

Local division of investments administration within BCR-Erste group will deal with the training of the sale staff of the bank units, set to distribute the six Erste funds.

BCR Asset Management (AM) is currently the biggest investment funds administrator on the domestic market, with assets in excess of 310 million lei (80 million euros). The biggest mutual fund - BCR Obligatiuni - is part of BCR AM portfolio, with net assets of 146 million lei (37.4 million euros) gathered from a total of 3,200 investors. With two bond funds in administration, the company plans to merge BCR Obligatiuni and BCR Clasic till this year-end.

Neacsu said that the company will no longer expect modification of Regulation 15/ 2004, which rules the mutual funds market and will merge the two bond funds BCR Clasic and BCR Obligatiuni till this year-end.

Erste Bank took over BCR in 2005, offering approximately 3.75 billion euros for a package of 61.88 percent of the leader of the Romanian banking market stock.

 

Sursa: http://www.rompress.ro

Tags: funds bcr market euros investment international erste

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