BCR AM gains top spot among fund managers

Stock market corrections have changed the ranking of mutual fund managers, and the only asset increases registered were driven by bond funds. The management units of the top five banking groups on the market are vying over more than 70% of a mutual fund industry worth 921 million RON, whilst the remaining 13 managers cumulated assets worth 253 million RON. BCR Asset Management (AM) is the leading fund manger with net assets managed worth more than 267 million RON at the end of July, which account for almost 30% of the industry. The management division of the BCR-Erste group posted a record asset increase since the beginning of the year, over 70%, whereas in the previous years when it had constantly lost market share. BCR AM raised more than 130 million RON from investors in seven months, and invested most of the money in bonds. Its rise to the top began last autumn when it launched five open-ended investment funds, with an about 11 million-euro capital inflow.