Individual accounts, 9% of the funds market

Individual investment accounts had amounted to almost 9% of the mutual fund market at the end of the first six months, and assets corresponding to these accounts doubled in the December 2005 – June 2006 period, to 40.3 million RON (11.3 million euros). The core business of the investment management companies (SAI), comprises, besides managing investment funds, the management of individual portfolios, including those owned by pension funds. Thus, these companies provide personalised services to investors who hold significant sums and want to see higher returns. According to data from the National Securities Commission (CNVM), the value of assets in individual accounts totalled 20.1 million RON (5.6 million euros) at the end of last year, of which 18.2 million RON (5.6 million euros) for individuals. Net assets of mutual funds stood at 472.1 million RON (132.3 million euros) at the end of June, according to information from the UNOPC (the National Union of Collective Investment Bodies in Romania), an estimated 40% increase against the level seen the previous year.