Investment funds – Fall in Raiffeisen, Credins Premium increases
Assets of investment funds have fallen for the second consecutive quarter. According to data from the Financial Supervisory Authority, net asset value at the end of June was ALL 66.5 billion, down 8.6% since the beginning of the year. The market is falling, not only in volume but also in number of members. By the end of June, the number of members fell to about 29,000, from 31,000 at the end of last year. The fall in the market is due to a downward trend in the size of the two larger funds managed by Raiffeisen Invest.
All in ALL, Raiffeisen Prestig’s fund decreased its net assets by 7.7%, while the euro-denominated fund Raiffeisen Invest fell by more than 15.6%. On the contrary, the Credins Premium investment fund has been growing at 44% since the beginning of the year, although this growth has come from a low base. Credins Premium assets have exceeded 10 million euros. This year, the investment fund Top Invest has started, but the market share of the new fund is currently negligible.
After a rapid growth in the first years, investment funds have entered a stagnation phase, coupled with limited investment alternatives, at least as far as ALL assets are concerned. These funds invest mainly in government bonds .The market needs new instruments and potentials are great, especially for corporate bonds, which have been issued with private bidding for years. But regulatory restrictions do not currently allow funds to invest in Albanian company bonds.
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