Such revenues of SAIs are below the levels posted in the first six months of last year, in many cases even by more than 50 percent. In spite of the fact that stock exchange quotations are on a significant upward trend as of March, funds with exposure on the Stock Exchange are still far from the level of average assets registered in H1 2008
Revenues are proportional with the average of assets that funds are administering. “Large equity funds registered the highest [Ed. n. – year-on-year] decline. We recovered assets with the bond fund, but here the fee is lower, and this can hardly compensate for the drop in equity funds,” said Aurel Bernat, Sales Manager of BT Asset Management, which ended H1 in fifth place among SAIs, in terms of administered mutual fund assets.
The spectacular increase in the assets of monetary funds softened the impact of the decline in stock exchange assets. Over 80 percent of the total revenues from administering mutual funds were collected by the SAIs included in banking groups, which relied mainly on monetary funds. One third of the revenues in the first six months belong to Erste Asset Management alone, whose fund - BCR Monetar – had nearly one quarter of the total €400 mln value of assets of the 50 funds on the market on 30 June.
