SIRA relaunches fund

Societatea de Administratie a Investitiilor Romano-Americana (Romanian-American Investment Management Company – SIRA) has begun selling and repurchasing shares of the former Fondul Mutual Petrolier Roman (Romanian Mutual Oil Fund), which changed its name to Omninvest. SIRA was appointed manager of this fund by the National Securities Commission (CNVM) in the first half of this year, as its former manager, Institutul Roman de Investitii si Administrare Fonduri (Romanian Investment and Fund Management Institute -IRIAF), lost its operating licence. IRIAF was held over 70% by Razvan Paunescu, son of businessman George Constantin Paunescu. Omnivest has therefore become the second mutual fund managed by SIRA after Fondul pentru Comert Exterior (Foreign Trade Fund – FCEx). Omninvest’s asset is worth 4bn ROL, with the fund share reaching approximately 53,500 ROL. “Omninvest is an investment fund that focuses on the capital market and has 3,810 investors, 3,737 of which are individuals and 73 are legal entities,” says Andrei Negulescu, SIRA’s marketing and communication manager. ZF