The seven SAIs, of a total 19, members of the Association of Fund Administrators (AAF), that offer personalized investment administration services, were managing accounts worth nearly RON 44 million (over €10 million), according to AAF’s July report. To this are added over RON 6 mln (€1.5 mln), administered by Explore Asset Management, a company that is is the only one on the market handling personalized accounts exclusively.
Three administrators dominate this market segment: Raiffeisen Asset Management, with a 45 percent share, Aviva Investors Romania, with 28 percent, and Explore Asset Management, with 13%.
Raiffeisen Asset Management is mainly responsible for the increase in assets on the market segment. “At the end of last year, we had some RON 16 million. Now we have 23 million, with the administered amounts higher due to subscriptions. The number of portfolios remains the same throughout the year, while the individual accounts that we administer belong to some institutional investors, namely insurance companies investing in “unit linked” products,” the President of Raiffeisen Asset Management, Mihail Ion, told Business Standard.
Investment administrators only partially confirm the influence of gains on the stock exchange on the rise in personal account assets. Since the beginning of the year, stock exchange indexes gained some 26-66 percent, but only “some of the clients have more recently raised their exposure on shares. Others preferred a more conservative approach,” Cristian Tudorescu, General Manager of Explore Asset Management, said.
