FDI Galati becomes Allegro

The management company of Fondul Deschis de Investitii (Open-end Investment Fund) Galati will change both the name and the strategy of the investment fund, with the latter becoming more aggressive. The fund, to be called Allegro, will invest most of its assets in listed securities. “Until now, our red herring used to include a provision that prevented us from investing more than 40% in shares. We are planning on dropping this limitation and come to directly compete with the other stock market funds on the Romanian market,” said Dragos Simion, head of Quadrant Asset Management, the company administrating the fund. FDI Galati, established in 2000, began to also invest in shares about a year ago, and the Stock Exchange growth last fall made a positive impact on the investors’ gains. Still, last year’s growth was modest, 12.5%, and the gain in the first half of 2003 was 5%, while inflation in the same period reached about 5-6%. The fund is one of the smallest on the Romanian market, as its net asset is lower than 1.5bn ROL and has approximately 300 investors. Quadrant Asset Management manages two other funds, as well, the monetary Stabilo fund and Integro, sprung from the former Fondul National de Acumulare (National Accumulation Fund). ZF