The biggest mutual funds on the domestic market, holding assetsof hundreds of million RON, also called super-funds, have seentheir asset growth pace slow down in the past two months, with theflood of domestic and international negative news adding toinvestors' feeling of uncertainty. Managers say the market is goingback to normal, after the boom of 2009. For the biggest mutualfunds, BCR Monetar with 1.35bn RON assets and Raiffeisen Monetar,with 901m RON assets, the past three months have brought a visiblegrowth slowdown, from a monthly rate of over 10% at the start ofthe year to 2.2%, and 1.4% respectively in June. The two funds werethe main growth engines for the industry in 2009, boasting anunprecedented asset advance: from 145m RON to 819m RON in the caseof BCR Monetar and from 37.8m RON to 603m RON in the case ofRaiffeisen Monetar. Owing to the 2009 trend, the two funds havecome to account for almost half of the over 4.6bn RON mutual fundindustry, while the other 50 mutual funds share the rest of themarket. "The asset growth slowdown has been caused by a complex offactors. On the other hand, there was the unclear fiscal regimewith an impact over investors' behaviour, next come internationalhavoc and the deepening crisis of Romania, as well as the fallingsaving capacity," said Mihail Ion, chairman of Raiffeisen AssetManagement, managing Raiffeisen Monetar fund.
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