Mandatory pension funds already started investing abroad
Romania's mandatory pension funds (2nd pillar) already started investing their assets abroad, right after the start of collection and the receiving of their first contributions from customers, shows data provided by companies and CSSPP for www.pensiileprivate.ro.
Till now, the pensions industry was convinced investing abroad was no an attractive option for the fund managers, due to low capital volume, exchange rate volatility and a natural bias effect towards the home market. But now, 4 funds already started investing abroad - GENERALI, INTERAMERICAN, BRD and OTP bought foreign T-bills (OTP), corporate bonds (GENERALI and INTERAMERICAN) and listed shares (BRD).
BRD, for example, bought stocks listed on the Parisian Stock Market - TOTAL, VEOLIA, ZURICH Financial and EUROSTOXX. All in all, assets invested abroad by all 4 (out of 14) pension funds were RON 1,45 million (EUR 0.4 million) at the end of May, representing 1,7% of total assets.
05.07.2008
