Mutual funds lose €46 mln

Furthermore, according to fund managers, the initial public offer (IPO) for state-owned gas distributor Transgaz led to the withdrawal of money from funds, as investors rushed to buy Transgaz shares.

Even funds with placements in fixed-income instruments, such as bonds, suffered, as "many resources were directed to stock exchange opportunities, especially the Transgaz IPO," according to investment administration company (SAI) Certinvest fund manager, Razvan Rusu.