Radu Hanga, elected president of the Association of Fund Managers

Radu Hanga, of the Board of Directors of SIF Moldova, is the new president of the Association of Fund Managers (AAF), following last Saturday's elections, according to some market sources.

The position of vice-president will be held by Horia Gusta, of SAI Certinvest. Cristian Pascu (of the BCR depository), Dorina Josan (SAI BT Asset Management), Robert Burlan (SAI Raiffeisen Asset Management), Daniela Ştefu (SAI OTP -Asset Management) and Dan Nicu (BRD Asset Management) will serve on the Board, according to the sources.

Daniel Stoicescu (of SAI Muntenia Invest) on Friday withdrew his candidacy for the position of president of the AAF.

The elections were held as Dragoş Neacşu, the CEO of "Erste Asset Management" had resigned earlier as president of the AAF, amid disagreements with other market players.

Erste Asset Management, the biggest fund manager in Romania, does not have any more representatives in the management of the Association.

In the coming period, it would appear that the Association would also seek a an executive director. The AAF brings together 19 investment management companies (SAI), which manage 53 open-ended investment funds (OPCVM) and 14 closed investment funds (AOPC), 5 Financial Investment Companies (SIF), 3 depository banks, according to information on the website of the Association.

The net assets of the Romanian funds denominated in Euros have increased slightly in September, 0.2%, to 4.44 billion Euros, and the increase (in lei) in 2015 was 7.3%, according to the AAF.