Statements by Dan Dascăl, CEO BT Asset Management, to Financial Intelligence, on the evolution of investment funds and the capital market in 2024 and 2025:

2024, a very good year for the asset management industry

• In Romania, investment fund assets reached record levels, at over RON 26 billion, with growth above 30% — well ahead of the projections at the start of the year.
  
  
• The macro environment — moderate economic growth and declining inflation, equity markets performing well, and interest rates on a downward trend — has been supportive for Romania’s investment fund industry.
  
  
• 2024 was also a very good year for BT Asset Management: assets under management are approaching RON 6 billion and we now have more than 250,000 investment accounts, up by almost 70% this year. More and more investors are choosing savings solutions based on fund investments, many opting to invest on a recurring, monthly basis. Most clients still prefer fixed income funds due to lower risk and steady income, but a growing segment is investing in equity funds, with index-based strategies and technology-focused funds among the top choices. Reasons include safety, risk diversification and the potential for long-term returns.
  
  
• In October 2024, we acquired OTP Asset Management România. It will remain a standalone company within the Banca Transilvania Group, focusing on the management of alternative investment funds. It will adopt a new brand identity and be repositioned in the market with a distinct range of products and services.
  
  
• Despite some fluctuations, the Bucharest Stock Exchange (BVB) showed a moderate upward trend, with sectors that outperformed in certain quarters. Investors were more selective, focusing on companies with solid fundamentals and long-term growth prospects. At the same time, Fidelis government bonds listed on the BVB were an attractive option for investors thanks to their safety, competitive yields and accessibility.

2025 continues the trends from 2024

• BVB indices have room to rise, but periods of volatility cannot be ruled out amid local and external economic shifts. Investors will pay close attention to economic measures and to the monetary policies of central authorities that can influence financial markets.
  
  
• We expect retail government bond issuance to increase, as these remain a solid choice for investors seeking stability and passive income. We also expect further interesting listings of private companies on the BVB, which can contribute to diversifying and developing the capital market.
  
  
• Clear regulation and ongoing dialogue with market participants are essential for the healthy development of investment funds and the capital market as a whole.
  
  
• Romania’s asset management industry has significant growth potential; assets in investment funds relative to GDP are very low compared with countries in the region. With realistic expectations for the future and a legal framework that supports the capital market, there is significant potential for development, offering attractive long-term opportunities for investors.