Managers of mandatory private pensions (pillar II) postedfurther losses last year, being still in the stage of recoupinginvestments, but their funds registered significant profitincreases, according to the data published by pension companies.More than 5 million Romanians contribute to these funds. Half ofthe ten companies that operated on the mandatory pension market inlate 2009 published 2009 financial results. Thus, so far, the onlymanager to make profit is Aviva, with almost 300,000 RON, after 42mRON losses in 2008. Eureko posted a 14.3m RON loss, BCR's lossesamounted to 9m RON, while Alico's reached 3m RON and Aegon's 1.5mRON, with all losses significantly lower than the 2009 ones.Managers' main source of income is the fees levied to clients.Managers will still register losses for several years, becauseinitial investments were massive, of above 500m euros. On the otherhand, funds managed by pension companies were much more profitablelast year, owing to the high investment return, of almost 18% onaverage on the market.
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