Banca Transilvania is planning to enter the mutual funds market and to launch at least two mutual funds this year, according to sources close to the bank. Specialised in investment management, BT Asset Management, in which Banca Transilvania is the main shareholder, was recently granted the preliminary licence by the National Securities Commission (CNVM).
The bank's management declined to comment on the issue.
Banca Transilvania owns 90% in the investment management company, with the most important minority shareholder being SIF Banat-Crisana with a participation of 10%. SIF Banat-Crisana is one of the main shareholders in Banca Transilvania with 5% in stock and also has a representative on the bank's board.
BT Asset Management has a share capital of 15 billion ROL (400,000 euros).
Sources close to the new company say it will most likely launch a monetary fund, not an equity fund, in the first stage, given the considerable gains in stock on the capital market which could be followed by strong corrections. In the longer term, BT Asset Management will also launch a mutual fund with a higher degree of risk and with placements in listed stock. Banca Transilvania is listed on the Bucharest Stock Exchange and its stock has seen a 35% surge since the beginning of the year.
BT Asset Management will also manage individual investment accounts, with the company's declared field of activity also including management of pension funds.
Banca Transilvania has signed distribution contracts with two fund managers - Certinvest of Bucharest and Globinvest from Cluj-Napoca. Banca Transilvania owns placements in Transilvania Mutual Fund, a fund with diversified placements managed by Globinvest. According to the latest reports, the bank owns at least 10% in the fund's assets, worth 5 million euros.
After Globinvest, BT Asset Management will be the second investment management company with headquarters in Cluj-Napoca. In fact, Globinvest's shareholder structure includes some of the major shareholders in Banca Transilvania, as well as another bank, Romexterra, which holds 20% of the company's stock.
The mutual funds market has grown strongly over the last year. In late 2004, fund assets had exceeded the 100 million euros threshold, reaching 4,643 billion ROL (120 million euros) by the end of December. In contrast, at the end of 2003, the net assets of mutual funds amounted to only 1,180 billion ROL (21.7 million euros). vlad.nicolaescu@zf.ro
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