Greeks at Bancpost withdraw 68m RON from mutual funds

EFG Mutual Funds Management, one of the biggest mutual fund
managers, is getting ready to exit the market, after its majority
shareholder, Greece’s EFG Eurobank (the majority shareholder of
Bancpost) last week withdrew its 68m RON investment, according to
some market sources. The most extensive money withdrawal in the
four-year history of the two mutual funds managed by EFG MFM, worth
68m RON (16.5m euros), was registered on 11th of February, with the
company now having net assets worth just 3.52m RON under
management. In late January, the company managed assets worth 71m
RON, holding a market share of around 1.9%, placing it on the sixth
position in the asset managers’ ranking. Neither Bancpost, nor EFG
MFM officials commented on the information by edition close. EFG
Eurobank Ergasias Greek group controls 81% in the management
company, with the rest of 18.90% being held by Bancpost. The Greek
group’s relinquishing the Romanian management unit would be an
unprecedented move on the Romanian market, where banking managers
have strong footholds and control over 90% in mutual funds’ total
assets worth 3.65bn RON (almost 900m euros).