Clients who have already joined mandatory pension fund are worth between 30 and 200 euros, given the fact that large pension firms are in search of takeover targets, while smaller funds are prepared to sell their client portfolios. "If opportunities arise, we will buy other pension funds, but we won't pay more for a participant than we did during the campaign, i.e. 100 RON (around 30 euros)," says Bram Boon, a member of the board of ING Fond de Pensii (ING Pension Fund), the market leader, with almost 1.3 million clients. "Each participant is now worth 150 to 200 euros," says Crinu Andanut, CEO of Allianz-Tiriac Pensii Private (Private Pensions), the second largest player on the market, which attracted over one million clients during the four-month campaign. He says a client's value on this market varies widely depending on how "desperate" funds are to increase their market share through acquisitions. Fifteen of the eighteen companies did not hit their initial sales targets and many will attempt to catch up by purchasing clients "in bulk" from rival funds.
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