BCR Monetar and BCR Obligatiuni mutual funds, managed by ErsteAsset Management investment manager, had over 420m RON (100m euros)placed in deposits opened with Greek banks at the end of last year,with the exposure amounting to around 30% of total assets thatstood at 1.44bn RON (351m euros). "Since December, we've cut thefunds' exposure to Greek banks. BCR Monetar and BCR Obligatiuniportfolios have been revised and we've currently expandedrelationships toward other banks," said Dragos Neacsu, chairman ofErste Asset Management, part of Austria's Erste group. The companyis the biggest mutual fund manager, with assets worth around 2bnRON under management. BCR Monetar is the biggest fund on themarket, with assets worth almost 300m euros at present, and hasboasted the biggest return in the past year among monetary funds,of 13.8%. BCR Obligatiuni is the biggest bond fund on the marketand has had a 13.5% yield in the past 12 months. Piraeus Bank hasattracted the biggest placements from the two funds, namely 169mRON.
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