OTP prepares third fund for floatation

OTP Asset Management, one of the top five asset managers on the market, is preparing the listing of another closed-ended investment fund, for which it intends to raise around 4-5 million euros through a public offering scheduled for this September. The investment management company will also launch an open-ended fund in 2010.
“The first fund – the open-ended one is 90% ready, and the closed-ended one is a capital guaranteed fund, which we are set to launch in September and then list on the Stock Exchange. The value of the closed-ended fund is somewhat higher, of four to five million euros,” said Catalin Iancu, chairman of OTP Asset Management. He manages three open-ended and three closed-ended funds, with overall assets worth more than 135 million RON (33 million euros).
The investment management company launched for trading the fund units of OTP Green Energy (GRE), with this being the year’s first stock exchange listing. This is a capital guaranteed fund and offers a 12% guaranteed yield after three years, calculated at nominal value.
In the first day of trading, fund units of OTP Green Energy were traded at a price of 200 RON, the level paid by investors in the public offering at the end of last year, whose value amounted to 8.7 million RON (2 million euros).