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Historic Page


The Association changes its name

Starting May 15, 2008, the association changes its name, thus becoming Fund Managers Association in Romania – A.A.F. (eng. F.M.A.)


UNOPC become a member

In June 2007 UNOPC becomes an observer member of the European Fund and Asset Management Association – EFAMA –


The number of investors exceeded 116 thousands

The year 1999 began with a growing trend of portfolio restructuring, materialized by increasing liquidity and reducing the risk associated with investing in FDI; the evolution in the first seven months of the year is characterized by the following figures:

  • The number of investors has increased by 50%;
  • The net assets value is about 2000 billion Lei, double from the begining of the year;
  • The number of units in circulation increased by 78%;
  • The net assets value at UNOPC level increased by 82.7%, by comparison, the inflation was at the same time about 33%, and the currency (leu) depreciated against the dolar by 46.4%;

The growing interest for FDI is demonstrated by the increasing number of actors in the market, the engine of this phenomenon is some foreign investors and securities companies.

The FDI offer begins to diversify: liquidity management funds appeared or those who compensate for the lack of real estate or pension funds.

Given this evolution, it is the preliminary: further increasing the number of administrators and development of superior performance fund families to other investment options.



1998 – Smooth continuous evolution of FDI members of UNOPC:

  • The number of investors exceeded 116 000 and is increasing by 43% compared to the beginning of the year, higher than April 1996;
  • Each investor owns, on average, a total of 51 units, practically unchanged from 1997, but almost three times less than in 1996. Since FDI is primarily aimed at small investors, this evolution should be appreciated as favorable;
  • The number of titles in circulation was by 60% higher than the beginning of the year but almost 30% lower than in April 1996;
  • In most of the year, the number on titles newly invested was higher than the securities redeemed.On average, redemptions represent 7% of the number of securities in circulation, which would equivalent to an average investment of about 14 months;
  • Avarage number of newly invested securities was 50% higher compared to the avarage number of securities redeemed, compared with a ratio of over 2 to 1 in favor of redemptions recorded in 1996;
  • Assets managed by funds approach 1,000 billion which represents an increase of 5.3 times compared to the beginning of the year;
    The average unit value increased by 126.3%;

If we consider the structure of the portfolio as made up of liquid assets (available, securities, deposits, listed shares) and unlisted shares, other assets, then the structure didn’t register large variations during the year, respectivly the liquid assets represented on average 31-36% of the portfolio.

Within the two groups, however, we can see the following:

  • Highly liquid assets, namely availability, prevail and are about 4 times higher than listed shares investment;
  • Investment in listed shares is declining;
  • The reorientation to monetary instruments is visible;
  • Is beeing reduced the share of other assets in the favor of unlisted shares.


Reducing the number of redemptions

At the end of 1996 and during 1997 – reducing the number of redemptions but an investment volume still low;

Clear progress of some funds and continued slow degradation of others.


Approval of Instruction no. 6

In March 1996 NSC approved the Instruction no. 6 regarding the calculation of net asset value:

  • 3 funds from the first generation and a month later, FMOA, decrease the value of the participation units
  • redemptions increased dramatically since the FMOA crisis

The crisis was the result of:

  • overvaluation of some assets
  • lack of investment instruments
  • crisis of some commercial banks
  • market sensitivity


The second generation of funds

The second generation emerged from the end of 1995


The first generation of funds

The first generation of open-ended investment funds (FDI) occurred in 1993-1994 (when there was no NSC or market regulations)