Sums placed in listed shares are quite low, while voluntary pension funds prefer investments in T-bills and bank deposits. OTP Strateg, for instance, placed all of its customers' money in banks.
Voluntary pension funds (tier III) invest the largest part of contributions received from customers in T-bills and bank deposits, as revealed by the structure of investments on May 31, each fund recently published.
In late May, voluntary pension funds had around 88,000 participants and assets worth 34.5m RON (around 9.5m euros), according to the data provided by the Private Pension System Supervision Commission.
BCR Prudent, the biggest fund on the market, with around 22,000 contributors, placed 81.5% of its assets in T-bills and the rest in banking deposits.
The fund last week fell onto the second position on the market after 13,600 Romanian Post Office employees joined ING Optim fund, which thus gained the top position, with over 25,000 participants.
Funds betting on stock include AZT Moderato and AZT Vivace. AZT Moderato placed 15.5% of assets in listed shares, while most of its assets, 58.3%, were placed in T-bills. In banking deposits, the company invested 8.5% of its assets and 9% in corporate bonds.
In the case of AZT Vivace, a fund with a net asset of 4m RON (1.1m euros), the weight of placements in shares was bigger at the end of May, 29.7%, but in its case, too, more than half of the assets, 56.3%, were placed in T-bills. In corporate bonds, the fund invested 9.3% of assets, while almost 5 percent were invested in banking deposits.
The only fund on the market that placed all its customers' money in a single instrument, namely banking deposits, is OTP Strateg, managed by OTP Garancia Asigurari.
This is the smallest fund, with 308 customers and net assets worth 62,400 RON (17,200 euros) in late May.
According to the investment structure published by the fund, OTP Strateg placed 100% of the money in deposits with Banca Romaneasca and BRD-SocGen.
For the investments it makes, the fund levies certain fees for its customers, costs that clients would not bear in case they placed their money with banks themselves, because banks do not levy any fees for deposits withdrawn upon maturity.
Under the law, employees' contributions to voluntary pension funds are capped at 15 percent of gross monthly incomes.
The voluntary private pension fund market is likely to reach 200,000 participants this year, according to the estimates made by companies that operate on this market.
For the voluntary pension funds managed by ING and Aviva, the structure of investments in May was not available before edition close.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
