The decline in assets was caused by a sharp depreciation of stock quotations last month. Bucharest Stock Exchange (BVB) indexes lost more than 30 percent for top-listed companies and a staggering 56 percent for the financial investment companies (SIF). BVB was even closed three times, after indexes plunged as much as 15 percent in one day. Funds that made most of their placements in shares posted net asset losses worth as much as €21 million last month.
Thus, share funds registered almost the entire loss of the funds market. Their market share plunged to 17.7 percent, slightly higher compared to monetary funds BCR Monetar and Bancpost Plus. Currently, fixed income placement fund BCR Obligatiuni has the best market share, at 18.9 percent. Furthermore, the BCR Asset Management fund administrator gained a share of some 5 percentage points on the asset manager market, up to 38.1 percent, due to the fact that it manages monetary and bond funds, and due to the sharp drop in share fund managers.
Unlike previous months, net subscriptions to monetary and bond funds were lower than withdrawals from diversified and bond funds. Net withdrawals (withdrawals minus subscriptions) amounted to €3.3 million.
