AZT Moderato, first voluntary pension fund to top 1m RON

AZT Moderato, a voluntary private pensions fund (3rd pillar) managed by Allianz-Tiriac Pensii Private (Allianz-Tiriac Private Pensions) has become the first fund that has to implement the structure of its target portfolio, i.e. buy shares listed on the stock exchange, bonds and bank deposits. AZT Moderato is the first of the 7 voluntary pension funds active on the market to overshoot the 1 million-RON mark in net assets, and is therefore bound by law to apply the target portfolio structure provided for in the fund’s issue prospectus. On October 19, the fund had net assets worth 1.2 million RON, up 23% against the week before. “Under current legislation, we have a maximum of 90 days to comply, i.e. implement the target portfolio provided for in the prospectus, from the date when the first million RON in net assets was exceeded,” Dorin Boboc, investment manager of Allianz-Tiriac Pensii Private, told ZF. With assets worth just above one million RON, the voluntary pensions fund has to buy listed shares, bonds, government securities and other similar instruments, while at the same time stay within the limits imposed under legislation, in order not to have too big an exposure on one financial instrument or on one particular issuer.