The yield will be the main goal for Eugen Voicu, the new CEO of Aviva Fond de Pensii, with his over 13 years' experience in mutual fund management helping the company draw up a strategy for the management of mandatory private pensions.
"The company's main target will be yields as the security and low risk specific to mandatory private pension funds have to be maintained," said Eugen Voicu, who was appointed as the company's CEO on Monday.
Since December, Eugen Voicu had filled the position of investment manager with Aviva Fond de Pensii, with the position to be taken over by another person in the company. "I don't know whether I can cumulate the two positions. Another investment manager will be probably appointed," said the new CEO of Aviva Fond de Pensii.
Voicu took over the CEO position from Adrian Allott. Besides his position with Aviva Fond de Pensii, Voicu is also the CEO of Certinvest investment manager, which Aviva took over last autumn. Certinvest manages four open investment funds and net assets worth above 51.8m RON.
Intercapital equity fund last year generated a 12% annual yield, way below the value reported by the main stock market indices. Instead, Capital Plus fund, with diversified investments, ended 2007 with an annual plus of 13.3%.
"My being appointed as a CEO at the pension fund is a natural result of the partnership with Aviva we sealed last autumn," said Voicu.
Aviva Fond de Pensii had attracted 247,563 participants by January 1, accounting for 7.79% of the market of mandatory private pension funds. The objective the company announced at the start of the campaign promoting private pensions was a 30% share.
Eugen Voicu is not the only mutual fund manager to have crossed the border toward mandatory pension funds.
Cosmin Paunescu, the former chairman and CEO of KD Investments management firm, for several months filled the position of executive investment director with Slovenia's Prima Pensie company.
Mandatory private pension funds underwent some management structure changes last year, as well. Last autumn, Besim Jawad became the new CEO of Interamerican Pensii, replacing Frans der Ent.
OTP Fond de Pensii has not appointed any person to replace Marius Florea, the former CEO who resigned.
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