BCR Monetar, the biggest investment fund in Romania, with over1.5 billion lei in assets, has become over its three years inbusiness the "piggy bank" of peasants, after they sell theirharvest, of monasteries, which raise money for their wintertimewood, as well as a cash management instrument for smallentrepreneurs.
Launched in the autumn of 2007, only a few months ahead of thestart of the financial crisis, BCR Monetar grew in a year's timemore than other funds could in ten years' time. BCR Monetar,managed by Erste Asset Management, had two major advantages:affiliation to the biggest bank in Romania - BCR and Romanians'need to shelter their savings from the financial crisis. ThroughBCR's branch network, BCR Monetar extended its reach all overRomania, managing to raise over 1.5 billion lei (over 350 millioneuros) after three years in business from over 67,000 individualand corporate investors.
"We managed to achieve our targets for the BCR Monetar fund veryquickly and I would say the context of the past three years hashelped us a lot: the financial crisis brought the risk appetite toa minimum, and persuaded Romanians to save. The high interest rateson bank deposits were another helping factor," said Drago[ Neac[u,president of management firm Erste Asset Management.
BCR Monetar has generated a 43% yield from its launch in October2007 until the present, by mainly investing in bank deposits andT-bills. During the same interval, the BET index of the BucharestStock Exchange has lost 41%.
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