BRD enters mutual funds market

Although the mutual funds market is not to the liking of small investors after the FNI crash last year, Banca Romana pentru Dezvoltare (Romanian Development Bank-BRD) decided to give it a shot, feeling it may bring some credibility to this market.

It will enter the mutual funds market by launching a monetary type fund managed by Societe Generale Asset Management-BRD, a company especially established for this purpose.

The final documents will be submitted to the National Securities Commission (CNVM) sometime soon. The placements of the monetary fund will be short-term and made mainly in deposits and T-bills. The fund's investment units will be distributed through the bank's network.