Six of the nine mandatory private pension fund managers (2ndpillar) posted cumulated losses of 48.7 million lei (11.6 millioneuros), 64% higher than in 2009.
The loss of BCR Pensii deepened at a time when the companycompleted the takeover of two mandatory pension funds in 2010 (OTPand Prima Pensie) and doubled its operating costs, to around 37.2million lei.
Eureko and Alico diminished their losses against previous yearsby 17% and 60% respectively, while BRD and Aegon increased theirlosses.
The biggest pension fund manager on the market, ING, posted a2.2 million-lei profit last year, which followed a 2 million-leiloss in 2009. This is the company's first year of profit.
On the other hand, all mandatory private pension funds endedlast year in the black, with their cumulated profits amounting to448 million lei (around 106 million euros).
The assets and financial results of fund managers versus fundsare completely separate from a legal and an accounting point ofview. Fund managers do not get a share of the profit obtained frominvestments, their source of revenue is the management fee of 2.5%of contributions.
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