RAEF buys Certinvest

The upcoming emergence of the mandatory pension funds and the growing trust of investors in putting money into mutual funds have started to attract foreign investors towards investments in this sector. The Romanian-American Enterprise Fund (RAEF) at the end of last week took over 51% in Certinvest, one of the oldest mutual fund management companies operating on the Romanian market. RAEF is the first foreign fund to invest in the Romanian investment management business. The stake was sold by Eugen Voicu, who also controls insurer Certasig and Intercapital Invest brokerage firm. The value of the deal was not revealed. The businessman had initially received offers from two foreign investment funds and a Romanian bank. The deal, already sanctioned by the National Securities Commission (CNVM), also entails a $200,000 capital inflow on the part of the investment fund. Voicu retains 45% in Certinvest, a stake bound to shrink once the capital inflow has been made. The next step might be selling the controlling interests in Intercapital Invest to Certinvest. ZF