Romania's market regulator fines BRD SocGen's pension fund management firm
Romania's Financial Supervisory Authority audited the BRD Private Pension Fund Management Company, part of Groupe Societe Generale, concluding that the general manager and the members of the company's Board of Directors had violated the corporate governance rules and the accounting records.
Fines summing up to over RON 275,000 (EUR 55,000) were set for four members of the Board - three of whom, including general manager Alina Cecilia Andreescu, had their approvals in their positions withdrawn, Profit.ro reported. The other three members of the Board fined by ASF are Laurent Simon Doubrovine, Raluca Ioana Moise and Arnaud Charles Marie René Brière de la Hosseraye.
ASF claims that the deeds spotted are not related to the management of the pension funds.
However, among all the Pillar II pension funds operating in Romania, the one managed by BRD has the weakest performance. The Unit Value of Net Assets (VUAN) is, in the case of BRD's mandatory private pension fund, only RON 24.11 compared to RON 28.5, the average of all funds and almost RON 30, the VUAN of the most performing fund.
The Pillar II pension fund managed by BRD Pensii had total assets of RON 3.33 bln (EUR 673.36 mln), increasing by 5.64% compared to March 31.
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