BCR Asset Management (AM), member of BCR Erste group, plans to merge the two securities funds included in its portfolio, namely BCR Clasic and BCR Securities, creating in this way the biggest mutual fund of the relevant industry, with total assets worth 42 million euros and almost 10,000 investors. ‘’We’ll operate the first merger on the market of mutual funds between the funds BCR Securities and BCR Clasic. The step will take place after the new regulations of investment funds will have been approved,’’ said Dragos Neacsu, president of BCR AM.
At present, the administration division within BCR is leader on the market of mutual funds, owning almost 30% of the assets worth 260 million euros of the industry reported at the end of July, according to figures of the Association of Fund Administrators (AAF).
Released late last year, BCR Securities has net assets worth 35 million euros with a total of 2,700 investors, according to information supplied by the administrators. BCR Clasic, released in 2002, reported this week net assets worth 9.2 million euros at almost 6,900 investors. Retail investors hold 60% of the assets drawn by BCR Securities.
Alongside individual investors, investing in this fund were small and medium-sized enterprises (SMEs) and BCR employees, who hold a 10% stake in the assets drawn by the fund. BCR Securities had a yield of 5.3% in the first half of the year.