CA IB Asset Management, an investment management company belonging to German group HVB, has entered the funds market after taking over the administration of two mutual funds owned by Quadrant Asset Management. CA IB wants to launch another equity fund and the first Romanian funds to invest on foreign markets.
HVB is now the number three bank on the mutual funds market. Raiffeisen Bank, Banca Transilvania and Bancpost are also expected to join this market by the end of the year. BCR and BRD, the two largest banks in Romania, are already active on the market with a combined market share of over 50%.
"The deal originally consisted of a takeover of Quadrant funds, but the two companies will now be merged subsequently," says Florian Dolea, CA IB Asset Management manager. He went on to say that the takeover of the two funds also implied the takeover of the management team and that the merger would take place later on for legal reasons.
Quadrant currently manages two mutual funds: Stabilo, which is oriented toward monetary placements; and Integro, which has a diversified asset structure. Stabilo has assets of 125.6bn ROL (3.4m euros), while Integro''s assets are worth 60.4bn ROL (1.7m euros). Through the two funds, Quadrant holds 7.8% of the mutual funds market. The company also manages individual investment accounts with assets worth over 200bn ROL (5.5m euros).
Quadrant is almost 100%-owned by Dragos Simion. Simion has headed and worked on the floatation project of Flamingo International as a member of that company''s board over the last two years.
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