Certinvest, the biggest independent asset manager, plans toraise 5m euros from wealthy investors for the first art investmentfund in Romania, counting on an annual yield of over 15%,calculated in euros.
The investment decision or the selection of art works rests withCertinvest managers, who will consult with experts and evaluators.The minimum investment in the fund will stand at 5,000 euros, withthe product being particularly aimed at wealthy investors seekingto diversify their placements.
After the first year, the fund will start selling the art worksin the portfolio, with yield or fund depreciation coming from therising or falling prices of art works.
"The fund wants to profit from the opportunity that emerged onthe market through which Romania's National Art Museum will handback an important number of art works, and many of owners' heirsare willing to sell the works. We want to raise 5m euros frominvestors and we believe the fund will go beyond a 15% yield peryear," said Eugen Voicu, chairman of Certinvest, with net assetsworth over 104m lei under management.
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