Brokerages have moved the battle from the Stock Exchange ontothe asset management market in their search for investors willingto leave their money in their hands, but who dare not invest on thestock market on their own. Lured by the opportunities of aninsufficiently developed mutual fund market, several brokerageshave chosen to expand their business by setting up an assetmanagement unit. For some of them, such as KBC, Tradeville (formerVanguard) or Target Capital, the bet on mutual funds was a winner,with their management units, Swiss Capital, Vanguard AM and TargetAM coming to gain a foothold on the market not as much throughassets as through funds' returns. Although different in terms ofthe type of targeted investor, both brokerage and asset managementare two markets where banking groups hold dominant positions. Withnet assets worth 3.8bn RON from over 50 mutual funds, the assetmanagement market is over 90% dominated by managers part of bankinggroups, while independent managers and managers belonging tobrokerage units share less than 5% of the market.
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