Closed-end investment fund DePfa Money Market (DMM), the largest such fund on the market, made the decision to move from investments in RON to placements in euros in the second half of last year. The fund was set up in 2003 to allow German bank DePfa to capitalise on interests on RON and the appreciation of the RON, by avoiding the restrictions in place at the time, which did not allow banks to accept deposits in RON from foreign investors. The legislation regarding closed-end investment funds does not allow them to advertise; therefore fund managers are reluctant when it comes commenting on the funds' activity. "This was a management decision and I cannot offer any further comment. The legislation does not allow us to reveal information on the closed-end fund DePfa, as it can be regarded as advertising, and we could be fined by the National Securities Commission (CNVM)," says Dan Parcioaga, general manager of the fund management company DePfa.
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