RAEF management takes over majority stake in Intercapital Invest

Three individual investors, all of which are part of the management team of the Romanian American Investment Fund (RAEF) have bought 68.3 percent of the shares in brokerage company Intercapital Invest, according to a recent bulletin from the National Securities Commission (CNVM), which has approved the acquisitions. Horia Manda (in picture) has bought a 37.7 percent share package, while Ionel Klipper took 27.1 percent of the company. The three have also indirectly took over the investment management firm Investica Asset Management, which is controlled by Intercapital Invest. The third investor was Sandu Neculai.

Horia Manda is managing partner of the RAEF and Balkan Accession Fund (BAF) as well as general manager of Axxess Capital Partners, the local investment consultant for RAEF and BAF. Klipper has been president of RAEF since 1996, while Sandu Neculai is senior investment officer with RAEF and BAF. Previous to the deal, Intercapital Invest was 58 percent owned by RAEF, while individual investor Eugen Voicu used to own 22 percent of the shares. Intercapital Invest is managed by Razvan Pasol, who is president and general manager.

Corina Saceanu