Investment management companies Erste Asset Management andRaiffeisen Asset Management, the two biggest fund managers on theRomanian market, with over 3 billion RON in overall assets undermanagement, had around 580 million RON (140 million euros) indeposits opened with Greek banks at the end of last year.
The two managers' 580 million-RON exposure to Greek banksaccounts for 17% of overall assets of the Romanian mutual fundmarket.
Mutual funds BCR Monetar and BCR Obligatiuni, managed by ErsteAsset Management, had over 420 million RON (100 million euros) indeposits opened with Piraeus, Alpha Bank, and Banca Romaneasca,controlled by the National Bank of Greece, while mutual fundsmanaged by Raiffeisen Asset Management had around 160 million RON(40 million euros) in deposits opened with Banca Romaneascaaccording to annual management reports. Raiffeisen Monetar fund,which generated a yield of 14.7% in 2009, had the biggest amountsin deposits opened with Banca Romaneasca, 100 million RON at theend of last year. Last year Greek banks offered some of themarket's biggest interests on deposits, and monetary funds withsignificant assets were able to negotiate interests of up to 15-18%over certain periods of time.
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