Sira, the asset management company controlled by the Austrians at Wiener Staedtische through Omniasig Asigurari de Viata will launch two closed-end investment funds in the first half of next year. SIRA is currently managing Omninvest, the mutual fund that has seen the best performance this year, thanks to its 55% growth. "The first closed-end fund will probably be launched some time in the second quarter, and the second will follow pretty soon after. Still, there is also the possibility that we will launch them at the same time," stated Dorin Danescu, the general manager of the company. He says the decision to launch closed-end investment funds was prompted by the fact that they allow managers to avoid concerns over liquidity. "When you are looking at the yield of an open fund you have to consider liquidity, making it possible for units to be redeemed all the time. In the case of closed-end funds, this liquidity concern disappears," Danescu explained. ZF
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