Revista Tinerilor Economiºti - Centru E-learning de Instruire al ...
Revista Tinerilor Economiºti - Centru E-learning de Instruire al ...
Revista Tinerilor Economiºti - Centru E-learning de Instruire al ...
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<strong>Revista</strong> <strong>Tinerilor</strong> Economişti (The Young Economists Journ<strong>al</strong>)A PARALLEL BETWEEN THE ROMANIAN AND EUROPEAN INVESTMENT FUNDS *PhD Stu<strong>de</strong>nt Loredana-Ioana PribacFaculty of Economics and Business AdministrationWest University of Timisoara, Timisoara, RomaniaAbstract: This paper aims at making a par<strong>al</strong>lel between the evolution ofRomanian and European investment funds, starting with the year 2000and up to the present day. In the first part the evolution of investmentfunds (both open-end and closed-end) from the year 2000 and up to 2010is presented, both at a European level and in Romania, and the secondpart an<strong>al</strong>yses the years 2009 and 2010 comparing the situation inRomania with that of other countries. The an<strong>al</strong>ysis was based on theoffici<strong>al</strong> data offered by EFAMA, AAF and RNB, as well as by other nation<strong>al</strong>and internation<strong>al</strong> institutions. The main conclusion regarding Romania bycomparison with the European level is the following: the v<strong>al</strong>ue of the netassets of the investment funds is insignificant when compared with that ofthe European investment funds, in other words Romania is behind <strong>al</strong>so inthis area c<strong>al</strong>led investment funds.JEL classification: E22, G15Key words: investment funds, Romania, Europe1. INTRODUCTIONInvestment funds are not just an <strong>al</strong>ternative to bank products, they represent asignificant source for the business enterprises that need capit<strong>al</strong> and offer profession<strong>al</strong>management, the diversification of the portfolio, transparency and mutu<strong>al</strong>ity, having animportant part on financi<strong>al</strong> markets. Through their activity, they influence the stockmarket, the interbank market and even the financi<strong>al</strong> flux of companies.The European Fund and Asset Management Association (EFAMA) is a nonprofitorganization, organized as a fe<strong>de</strong>ration which represents the interest of theinvestment un<strong>de</strong>rtakings industry and of the asset management industry. It periodic<strong>al</strong>lyelaborates reports and an<strong>al</strong>yses regarding the evolution of investment funds.The Romanian Association of Asset Managers (AAF) is an in<strong>de</strong>pen<strong>de</strong>nt nongovernmentprofession<strong>al</strong> organization of the operators in the Group InvestmentOrganizations (O.P.C.) in Romania, which gathers: 19 investment management companies (S.A.I) which manage the SecuritiesGroup Investment Organizations (O.P.C.V.M.) and Other Group InvestmentOrganizations (A.O.P.C.); 5 Financi<strong>al</strong> Investment Societies (S.I.F.) former Private Property Funds; 3 <strong>de</strong>posit banks.The A.A.F. purpose is: to promote the concept of group investment in securities as well as the activityof its members;162
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