A year ago, Viorel Catarama took everybody by surprise when he announced the launch of a new mutual fund, named Phoenix. This came four years after the crash of the Mutual Businesspersons Fund (FMOA), managed by SAFI Invest, the company supposed to handle the Phoenix Fund, as well.
Viorel Catarama a year ago said he was hoping he would prove investors he can actually make money for them by launching the Phoenix Fund. In fact, he also prompted the former FMOA investors to join the new fund. "I hope there will be interest and demand for this fund," Catarama said on April 18, 2000.
One year later, data show that the businessman failed again, as investors gave Phoenix Fund a wide berth. Under the circumstances, when the number of investors is way below the minimal number required by the regulations of the National Securities Commission (CNVM), Phoenix is about to end its brief existence.
It will most likely be liquidated. This was the answer a SAFI Invest secretary said when inquired whether one could buy investments unit in the fund.
In spite of the numerous attempts Ziarul Financiar made to contact Viorel Catarama, he declined explaining how the fund stands. Neither Nelir Neacsu, SAFI Invest general manager, did care to answer Ziarul Financiar's questions. According to the latest data, Phoenix had only 60 investors left, and its net assets amounted to 23 million lei.
The legislation of the open investment funds stipulates that, one year after the launch, any fund is supposed to have at least 500 investors, while net assets are required to exceed 500 million lei.
Under the circumstances, the Phoenix Fund does not seem to have many future options. Because the number of investors is lower than it should, the fund should either be liquidated, merged with another fund or restructured.
To choose one, all the fund's investors have to be consulted, which is not a difficult thing to do, because there are only 60 of them.
Even if SAFI Invests decides against this step, the supervision authority is sure to intervene to decide the liquidation of the fund.
Phoenix was launched last spring and had 100 million lei in start-up capital. Founding members were a legal person, that is Elvila Company, and four natural persons, Viorel Catarama included.
He also became chairman of the Board of Trustees of the fund in question, a board supposed to see to the wise administration of the investors' money. Viorel Catarama, chairman of the Investors' Board of Trustees, held 90% in the fund as natural person and through Elvila Company.
The depository company was Libra Bank, where Viorel Catarama also held shares. The distribution of investment units was supposed to be operated through Intervam Brokerage Company, where the same businessman owned a stake.
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