Daniel Stifter, general manager of the Eurobank Mutual Funds Management investment management firm, part of Eurobank Greek bank, the majority shareholder in Bancpost, says the development policy of the company he runs is primarily focused on the retail sector.
He predicts that the mutual funds market will see accelerated growth, sustained by the population''s rising interest in alternative savings products and placement instruments, in the context where banking deposits are no longer offering satisfying yields to investors.
"We''ve voiced our interest in the mutual funds market and our confidence that this market would witness accelerated growth from the very beginning. For the time being, we see retail as having the highest potential, and we want to focus our efforts on this sector over the coming period," Dan Stifter stated.
He estimates the mutual funds market, currently standing at less than 100 million euros, will hit the level of one billion euros in 4-5 years at most.
"I believe mutual funds'' assets will reach one billion euros in 4-5 years, maybe even sooner. When I say this, I am counting on the example of neighbouring countries and of other European countries, where the mutual funds market boomed once they penetrated the market. Moreover, we must bear in mind the fact that in our country the number of investors in mutual funds is still extremely low when compared with the number of Romanians keeping their savings in banking accounts," Stifter explained.
Optional pension funds are another important field for the investment management arm of the Greek Eurobank. The law draft regulating the functioning of the optional pension system is to be passed by Parliament in the following months, and once this law comes into effect, investment management companies will have access to a new market that enjoys an even greater growth potential than the mutual funds market.
"In line with the latest version of the law draft on pensions, companies managing mutual funds will be able to manage optional pension funds as well, and these will constitute the third pillar of the pension system. From this perspective, we are seriously considering the possibility of complementing our activities by launching optional pension funds of this kind," said Stifter.
For now, though, Eurobank Mutual Funds Management is focusing on the launch of two mutual funds, Bancpost Plus and Bancpost Active Balanced, scheduled for March.
The two funds will start with an initial capital of 17 million euros, a sum provided by the Greek bank. Stifter estimates the assets of the two funds will reach 25 million euros by the end of 2006, and the number of customers, natural and legal persons, will come to around 5,000.
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