Simfonia 1, the largest mutual fund on the Romanian market, will no longer charge any fees for redemption of shares, although they had previously reached as high as 4% in the case of investments for less than one month. The cut comes at a time when investors are harder and harder to attract to mutual funds. Simfonia is a monetary market fund managed by SG Asset Management, the investment management company of Banca Romana pentru Dezvoltare (Romanian Development Bank - BRD). The net asset of the fund has lost some 20% since the beginning of the year and the number of investors has dropped 5%. Dan Nicu, head of the management company says that fluctuations in the net asset and the number of investors are only natural, given that the fund targets those looking for short-term placements. This is, after all, the reason why the management company decided to drop redemption fees. "We made this decision to meet the investors looking for short-term placements half way. The flexibility and availability conditions are comparable to those of a current account, while the performance is comparable to that of short-term deposits," Dan Nicu says. ZF
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