Equity funds posted yields of over 100% in the last year amid arebound of the Stock Exchange, but were only able to attract around200 new investors, whilst monetary funds, with yields of 15% at themost, drew in thousands of investors.
Some fund managers blame banks for the loss of interest in equityfunds, whilst others believe investors fear a return of the crisis.Managers, however, admit that investors' trust is harder to earnthan to lose.
Last year, when the main index of the stock exchange BETappreciated by over 60% and mutual funds fetched yields of up to101.5%, which was the case of Active Dinamic fund, few investorswere able to enjoy this performance. More specifically, whilst atthe end of February 2009, 11,724 investors had invested in equityfunds, at the end of last year equity funds counted only 147 moreinvestors. Last year's progression is the opposite of what happenedthree years ago, when the outbreak of the financial crisis in thesummer of 2007 "brought" another 800 new equity fund investors fromAugust until the end of the year, although yields of these fundswere dwindling.
"In 2006-2007 investors' reaction was less influenced by banks'sales networks. At present, however, equity funds have lost much oftheir appeal in part because banks sell their own money marketfunds and bond funds, which affects sales of riskier products, suchas equity funds," said Eugen Voicu, president of investmentmanagement company Aviva Investors, which manages over 53 millionRON in net assets.
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