BT Asset Management (BT AM) eliminated the buy-back fee of 10 percent of the value of titles on periods of less than 30 days. “This fee is no longer necessary, because the new system no longer offers the possibility of speculating price fluctuations,” said BT AM’s General Manager, Radu Hanga.
Erste Asset Management (EAM) and Raiffeisen Asset Management (RAM) are pending approval of the new fees by the National Securities Commission (CNMV), and, according to the two companies, buy-back fees will be eliminated on all periods.
„The new calculation method brings Romanian standards for investor protection even closer to European standards, and European valuations regarding the Romanian market, should reflect this progress,” said EAM’s President, Dragos Neacsu.
The three companies cover more than 60 percent of the total assets of mutual funds on the market, worth RON 1.32 billion (over €310 million) at the end of last month.
