Mutual funds' assets advanced at a slower pace in May, to atotal volume of 4.6bn RON (1.1bn euros), up 1.6% month-on-month.Stock market corrections and RON decline pushed investors to morecarefully consider their placements. The over 50 mutual fundsattracted 98.6m RON (24m euros) from investors in May, almost threetimes less than in April, when net inflows climbed to 245.6m RON(59m euros), according to the monthly report published by theAssociation of Fund Managers (AAF). In the first quarter, the valueof net sums funds attracted from investors reached 795.4m RON (193meuros). The slower pace was more strongly felt by monetary funds,which managed to garner net inflows of 42.8m RON, way below thevalues reported during previous months, while from equity andbalanced funds investors withdrew a total of 23.7m RON. "I see Mayas an exception caused by the domestic situation and the numerousquestions around taxation, the development of the agreement withthe IMF, and the NBR's decision to cut the benchmark rate. Part ofmutual fund investors, particularly those with a speculativebehaviour preferred to withdraw from funds to invest in foreigncurrencies, betting on the onset of a downward trend for RON(...)," said Dragos Neacsu, chairman of Erste Asset Management,industry leader.
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