Certinvest takes over KD Maximus fund

Romanian Certinvest, the independent asset manager, said on Wednesday it took over KD Maximus fund of asset manager KD Investments Romania, with RON 29 million (EUR 6.4 million) in assets, for an undisclosed sum.

The deal is pending approval of the Financial Supervision Authority (AFS). The purchased fund, which has 724 investors, was set up in 2004 and focuses on shares from Romania and southern Europe.

“As a result of the transfer, Certinvest will exceed RON 200 million (EUR 44.4 million) in assets under management, through 16 administered investment funds, increasing the ratio of investments in predominantly Romanian shares to around 25 percent of total assets,” said Horia Gusta, president of the managing board at Certinvest.

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Jan Pricop, CEO SAI KD Investments Romania, commented the fund’s transfer should “consolidate the local asset management market”.

KD Maximus will work for another 30 days starting January 9, after which the AFS will suspend any transactions until its takeover by Certinvest receives the green light.

Asset manager KD Funds, a subsidiary of KD Group, is based in Slovenia and has around EUR 500 million under administration in southeastern Europe.

Ovidiu Posirca