Mandatory private pension funds (pillar II) in the first halfregistered an average return of 9.9%, while the return of voluntarypension funds (pillar III) reached 6.6%, according to theAssociation for Privately Managed Pensions of Romania (APAPR).Calculated for the past 12 months, the return of mandatory fundscame to 20.7%, and to 15.4% in the case of voluntary pensions.Mandatory funds have over 5 million contributors, much more thanvoluntary ones, which include just 200,000 participants. Privatepension's net assets top 3.6bn RON. "The performance privatepension funds registered in the first half of this year is the moreimportant as the investment climate was unfavourable. The prolongedglobal economic recession, concern regarding a possible public debtcrisis in European states, Romania's economic and budgetaryproblems, these were all risk and uncertainty factors for theoverall financial market and for pension funds," stated CrinuAndănuţ, APAPR chairman and general manager of Allianz-ŢiriacPensii Private, the second biggest manager on the market. Funds'returns were influenced by investments in stock, as capital marketswere extremely volatile in the first half.
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