Mutual funds ended their best quarter ever, raising almost 200million euros from investors in the first three months of the yearand reaching total net assets worth one billion euros. The declinein bank interests brought 16,000 new investors to the funds.
The mutual fund industry had a strong start of 2010, taking fulladvantage of the decline in bank interests. The 54 mutual fundsbroke a new psychological threshold, reaching total net assetsworth 4.29 billion RON (1 billion euros) at the end of March, afterhaving seen net inflows of 795.4 million RON (194 million euros) inthe first quarter, the first such performance in the over fifteenyear history of the industry.
The number of investors went up by some 16,000 to 180,509 by theend of March, according to the monthly report of the Fund ManagerAssociation.
"The mutual fund industry has gone past a psychologicalthreshold and is becoming more and more self-confident. The firstbillion euros in assets managed was reached faster than we hadanticipated, but we were also helped by the decision of theNational Bank (about the reduction of the monetary policy ratei.e.)," said Dragos Neacsu, chairman of Erste Asset Management, thebiggest mutual fund manager with 1.91 billion RON (466 millioneuros) in its portfolio.
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