Eureko becomes first pension fund with investments out in the open
Private pensions fund Eureko is the first to publish
its detailed structure of investments, after the private pensions
watchdog announced it was preparing to tighten reporting and
transparency rules for all pension managers. ZF wrote in an article
published last year about the lack of transparency in the private
pension industry, and the Supervisory Commission initiated a
modification of the legislation. The fund's biggest investments are
in Romanian T-bills, which attracted 65% of the over 237
million-lei assets, followed by bonds issued by British groups
Lloyds TSB and Royal Bank of Scotland, held by the British state,
with a cumulated share of 4.2% of the assets, and by EIB and EBRD
bonds. The fund has invested 9.9% of its assets in equity, with the
bulk of the assets being allocated to the local market. "The
publishing of the portfolio can be a first step towards a more
intensive dialogue with participants in our investment funds, which
will enable us to present our opinions and our investment
strategy," said Radu Crăciun, investment manager at Eureko Pensii,
part of Dutch company Eureko. At the end of last year, the Eureko
fund had 342,285 participants. In 2010 the fund posted a 13.75%
yield.