Who is the best-paid fund manager in Romania?

A fund manager was in 2010 the best-paid employee in Bucharest, with a net income of 145,000 lei/month, reveal statistics of the biggest salary incomes in Bucharest recently released by ANAF (Romanian fiscal authorities). All clues point to Greg Konieczny, manager of Fondul Proprietatea (FP – Property Fund) and employee of the Bucharest branch of Franklin Templeton Investments Ltd.

In 2010, a fund manager for the first time joins the ranking of the best-paid employees in Bucharest, coming in straight at number 1. The local investment fund industry, with 1.3 billion euros in assets, is 60 times smaller than the banking sector, with 80 billion euros in assets at the end of last year. However, the net monthly income of 145,000 lei and the annual income of 1.74 million lei (408,000 euros) collected by the fund manager is comparable to that collected by the member of a bank’s management board, say sources from the asset management market. Last year no bankers featured among the the top ten biggest salaries.

“I think the fund manager in the ANAF statistics is Greg Konieczny because I honestly doubt that a Romanian investment fund manager could collect a monthly salary of 145,000 lei, considering the value of net assets that Romanian fund managers handle and the asset structure,” said Dragoș Neacșu, president of investment management company Erste Asset Management, the biggest local mutual fund manager, with over 600 million euros in net assets.