Greeks at Bancpost withdraw 68m RON from mutual funds

EFG Mutual Funds Management, one of the biggest mutual fund managers, is getting ready to exit the market, after its majority shareholder, Greece's EFG Eurobank (the majority shareholder of Bancpost) last week withdrew its 68m RON investment, according to some market sources. The most extensive money withdrawal in the four-year history of the two mutual funds managed by EFG MFM, worth 68m RON (16.5m euros), was registered on 11th of February, with the company now having net assets worth just 3.52m RON under management. In late January, the company managed assets worth 71m RON, holding a market share of around 1.9%, placing it on the sixth position in the asset managers' ranking. Neither Bancpost, nor EFG MFM officials commented on the information by edition close. EFG Eurobank Ergasias Greek group controls 81% in the management company, with the rest of 18.90% being held by Bancpost. The Greek group's relinquishing the Romanian management unit would be an unprecedented move on the Romanian market, where banking managers have strong footholds and control over 90% in mutual funds' total assets worth 3.65bn RON (almost 900m euros).