Foreigners withdraw close to 5m euros from Stabilo

Net assets of the Stabilo monetary fund, managed by Pioneer Asset Management, dropped in the first eight months of this year by some 5 million euros (19 million RON) because of significant withdrawals by foreign investors. The fund invests in fixed-income instruments in RON, very attractive to foreigners over the last few years, due to the appreciation of the RON. At the end of August, Stabilo’s assets stood at 0.47 million euros (1.67 million RON), compared with 5.6 million euros (20.6 million RON) at the end of last year. “The drop was caused by massive withdrawals, which, to a large extent, had been anticipated. At the end of last year, there were some foreign investors who entered the fund and only stayed for a short while. Primarily, these were investors with direct investments in Romania who had liquidated some of their investments at the end of last year, and reinvested their money in the fund until they found other investment opportunities,” stated Florin Dolea, chief executive of Pioneer Asset Management, the investment management company of the Italian financial group Unicredito.