The biggest mutual fund manager, Erste Asset Management, withassets worth 1.5bn RON in its portfolio, ended last year with 0.2mRON profit, while the second ranking one, Raiffeisen AssetManagement, handling over one billion RON, gained 2.2m RON in 2009.2009 brought a return to profit and solid turnover growth for thetwo fund managers, both controlled by financial groups fromAustria, Erste and Raiffeisen. The over tenfold increase in managedassets to a total of 1.07bn RON at the end of 2009 sent RaiffeisenAsset Management onto the second position in the biggest managers'ranking and brought it a 2.2m RON profit, as well as turnovertripling to 10m RON last year. The manager ended 2008 with lossesof around 200,000 RON and 3.5m RON turnover. For the industryleader, Erste Asset Management, which posted a fivefold increase inassets in 2009 to over 1.5bn RON, IT infrastructure, promotion anddistribution investments dragged its profit down to 230,000 RON,while turnover tripled to 9m RON. In 2008, the manager registerednet losses of above 3.1m RON.
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