BT Asset Management and CA IB Asset Management, the respective investment management divisions of Banca Transilvania and HVB, have received the necessary CNVM licences for the launch of three new mutual funds to take place over the coming weeks.
These are the only new funds to have been given authorisation over the last 12 months.
The launch will mark Banca Transilvania''s entrance onto this market, as well as the launch of the first fund investing on foreign financial markets, enlarging the fund portfolio of CA IB, which entered the market only this month by taking over the funds of another management company.
The number of banks present on the mutual funds market will now number four. The biggest banks in the system, BCR and BRD, have three funds and a market share of over 50%.
BT Asset Management will manage two of the newly authorised funds: namely, BT Clasic and BT Maxim. The former will have a placement policy mainly aimed at fixed income instruments, with the weight of listed stock limited to a maximum 20%. BT Maxim will primarily invest in listed stock that will be allowed a maximum weight in the fund''s assets of up to 70%. Stock listed on the Stock Exchange and funds that invest in such instruments have brought much higher yields than banking deposits or government bonds over recent years.
The funds will only start operating by the end of the summer.
"The funds are likely to be launched in August. There are some problems we need to sort out first and the current capital market situation is not suitable," says Radu Hanga, the manager of BT Asset Management.
Repurchase fees will boost investments over a period of at least six months, according to company representatives. BT Clasic will have a zero repurchase fee six months after the date of the stock purchase, while for BT Maxim, the fee will be zero at 12 months.
"Europa Obligatiuni", the fund launched by CA IB Management that is also to become operational in a matter of weeks, will invest in the government bonds of EU states and Romania.
This will be the first fund to handle investments on foreign markets.
"We are trying to bring funds to Romania with a portfolio structure that is almost identical to that of some of the other funds CA IB manages in other European countries. We are also considering an equity and a monetary fund," says Florin Dolea, the manager of CA IB Asset Management.
Europa Obligatiuni funds will have euro-denominated units and will perform unit sale and repurchase operations both in domestic currency and in euros. The fund will levy a 2% fee for purchase transactions, while the repurchase fee will become zero at 12 months after the unit purchase date.
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