The net assets of the 234 open and closed-end funds operating in Romania, local and foreign, increased by 2.1% m-o-m in August, to RON 51.2 bln (EUR 10.4 bln). Since the beginning of the year, they have increased by 15.3%, according to data from the local Fund Administrators Association (AAF).

The net assets of the 32 closed-end funds (including SIFs and Fondul Proprietatea) increased by 1.9% in August, to RON 23.7 bln (EUR 4.8 bln), and increased by 11.5% since the beginning of the year.

The net assets of the 90 local open-end funds increased in August by 1.8% mom, to RON 25.8 bln(EUR 5.22 bln) and from the beginning of the year, they increased by 16.2%.

Raiffeisen Asset Management, the assets management arm of the Raiffeisen group in Romania, became the leader of the market after the company's assets exceeded RON 6 bln (EUR 1.2 bln) at the end of August, Ziarul Financiar reported.

It currently has a 23.3% market share, followed closely by Erste Asset Management, with a market share of 23.2% and by BRD Asset Management with 19.8%. Anti-crisis monetary and fiscal policies have pushed up the equity markets, Raiffeisen's representatives explained.

"We are going through a period of high inflation and pressure on the exchange rate, the enemies of our savings. The sustained growth of investments in equity funds confirms that they represent an option suitable for the context in which we find ourselves," explained Razvan Szilagyi, CFA, President and CEO of Raiffeisen Asset Management.

The total number of clients investing in funds managed by Raiffeisen Asset Management has increased by over 12% since the beginning of this year, reaching almost 42,000 today.

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andrei@romania-insider.com