Although the mutual fund market is extremely weak in Romania and the earnings of companies managing such funds are far from good, there is a certain interest in launching new funds.
After Banca Romana pentru Dezvoltare’s decision last week to try its hand by launching a new monetary-type fund, another company, that is Vanguard Asset Management, is preparing to launch a new mutual fund.
Vanguard Asset Management, which has been administering the Oportunitati Nationale (National Opportunities) Fund for a year now, will launch a new monetary-type fund, most likely by late March, the necessary documentation having already been submitted to the National Securities Commission(CNVM) for approval.
The new fund will be called Fondul Monetar Vanguard (Vanguard Monetary Fund) and will make placements only in banking deposits and public securities. “The new fund will target legal persons with sound financial positions, as well as natural persons with a special appetite for investment.
The placements will be made in banking deposits, mainly at ING Barings, but we’ll work with other first-rate banks, such as ABN Amro, Bank Austria Creditanstalt,” Daniel Marinescu, Vanguard Asset Management chief executive, maintained.