The stock market will see a moderate rise in 2010, after theunprecedented increase of the Stock Exchange last year took stockprices to "reasonable" levels, Adrian Tanase, investment manager ofING Investment Management believes.
"I am neutral to pessimistic when it comes to the trend of thestock market in 2010. I expect the volatility of the stock marketto go down in 2010. I believe stocks have reached reasonableprices. I do not expect a significant increase of the market fromthese levels this year," Tanase said.
ING Management is the local branch of the asset managementdivision of Dutch group ING. The company manages two mutual funds(ING International Romanian Equity and Romanian Bond), withcumulated net assets worth more than 510 million RON (120 millioneuros). ING International Romanian Equity had a 120 million RONexposure to the local stock market at the end of November, doublethe level at the end of 2008, with the main interests being theshares of Banca Transilvania, of BRD and of Petrom. With 200million RON in assets, Romanian Equity posted 55% annual yield atthe end of November.
Adrian Tanase, the man who manages more than 500 million RONthrough two ING funds says the performance of the local stockmarket in 2010 will depend on the decisions of the Government toreboot the economy and on how the fiscal deficit will bemanaged.
ING Investment Management is one of the biggest asset managerson the local market, competing with Erste Asset Management, theleader of the market with 1.5 billion RON in assets and RaiffeisenAsset Management, with net assets worth slightly more than 1billion RON, which ranks third.
Equity fund Romanian Equity, with over 200 million RON (47million euros) in assets and a local exposure of 120 million RON(28 million euros) was one of the top investors on the BucharestStock Exchange in 2008, at a time when most local and foreignequity funds were selling in order to reduce exposure.
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