The value of the deal was kept confidential but according to the Certinvest CEO Eugen Voicu, it was somewhere between EUR 3 and 10 million. The acquisition will be completed by the end of 2007.
Voicu will remain CEO of the company and will also take over the position of investment manager at the Aviva Romania pensions company.
Certinvest has been present on the Romanian market for ten years. Last year it registered a profit of EUR 55,000 and a turnover of EUR 737,000 after two years of losses. It currently administrates four mutual funds with assets worth approximately EUR 24 million. The mutual funds industry has been developing constantly in Romania over the last few years with an annual increase rate of over 50 percent. The growth potential is said to be high since the value of the market is now just EUR 250 million. In Central and Eastern Europe, the value of assets in mutual funds surpassed EUR 34 billion in 2006.
The Aviva group currently has in Romania Aviva Life Insurance and Aviva Pensions. It administers assets of EUR 535 billion and has over 40 million clients worldwide. In Romania, it has over 430,000 clients and is present in 19 cities.
In August, Avia received approval from the Commission for the Surveillance of the Private Pensions System to set up a company which administers private pensions and is now waiting for the final approvals to join the compulsory private pensions market set to be launched on September 17.