Sums placed by managers of mandatory private funds (pillar II)in deposits dropped by 82m lei (20m euros) in the first quarter ofthis year, from 229m lei (around 55m euros), boosting insteadinvestments in government bonds and stocks.
"Deposit interest rates were lower during this period, so thatpart of the money was transferred into government bonds. Stockplacements also rose amid foreign investors' positive perception.Deposits are safe-haven investments, anyway, with managers waitingfor the right time to invest the money in other securities,"comments Horia Brau, ING Pensii's investment manager.
Government bond investments rose by 69% in the first quarter of2011, with their volume hitting 3.28bn lei (800m euros), namely twothirds of total assets managed by pension funds.
Stock placements reached 728m lei (177m euros) in March, from530m lei in late 2010.
Sums kept in banking deposits are likely to shrink further, saymarket players, as banks continue adjusting interest rates becausethey hold enough cash.
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