The biggest fund manager, Erste Asset Management, handlingassets worth over 2.2bn RON (518m euros), is tailoring its strategyto the new market conditions, increasingly shifting its focustoward institutional investors, after small retail ones have beenthe growth driver of assets in the past three years.
The first step Erste AM is taking toward attracting majorinstitutional investors, such as pension funds, is directingfixed-income securities funds in its portfolio to longer termplacements, of three to five years.
Amid an increasingly visible downward interest trend, the weight ofbanking deposits in the portfolio of BCR Monetar fixed-incomesecurities fund dropped by around 10% to 633m RON in the firsthalf. Another change is the reduced exposure to Greek banks andboosting assets deposited in Romanian-held banks.
Part of the sums withdrawn from banking deposits shifted to T-billsand corporate bonds.
"We've diversified the structure of placements so that the fundshould be closer to institutional investors, not just retailclients. We've also expanded the duration of placements to three tofive year maturities to stir the interest of pension funds (...),"said Drago[ Neac[u, chairman of Erste Asset Management.
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