Pillar III surge in assets tempering

BCR Prudent and AZT Moderato, two Pillar III funds administered by Banca Comerciala Romana (BCR) and Allianz-Tiriac, respectively, both registered significantly weaker performances, of 0.45 percent and 1.06 percent on 8 February, compared to 9.08 and 3.9 percent, respectively, in the last week of January. BCR Prudent reported 11,546 subscribers, with assets worth €2.12 mln, while AZT Moderato’s clients was up to 15,432, and total net assets totaling €930,000 by the end of the first week in February.

“These poor performances are purely technical. Whoever hid costs during the year was obliged to make these public at the end of the year. Of course the market evolution is also to blame, but the main reason is poor accounting practices,” according to a statement for Business Standard by Allianz-Tiriac Pensii Private General Manager, Crinu Andanut.

The OTP Strateg optional pension fund, which reported its first results at the end of November, reached assets worth €9,200, up 1.31 percent compared to previous figures, with a total of 264 subscribers, of which 3 new.

The General Manager of ING Fond de Pensii, Radu Vasilescu, believes that the evolution of pension funds should not be evaluated on a weekly basis. “These are long-term investments, and an evaluation should be quarterly, at most,” added Vasilescu.

The best results reported by the end of the first week in February were those of the high risk fund administered by Allianz-Tiriac, AZT Vivace, up 3.83 percent, to some €500,000. Andanut believes that the evolution of Allianz-Tiriac administered funds is balanced, and due to proper reporting of accounting costs.