The Romanian investment fund SIF Banat-Crişana (SIF1) will take over half of the shares in the company which manages the assets of another investment fund, SIF Muntenia (SIF 4). The price paid by SIF 1 for SAI Muntenia Invest will be of some EUR 1.8 million in cash. It is for the first time when a SIF takes over the management of another SIF in Romania.

The Authority for Financial Surveillance recently OK-ed the takeover of as much as 99 percent in SAI Muntenia Invest, which means the deal can have a second stage in the future. The price of the second leg in the deal will be determined by the value of the company's net assets when the deal will be signed.

SAI Muntenia Invest, which used to be controlled by Grupul Financiar Muntenia, in turn controlled by private investors, mainly employees of SIF Muntenia, manages SIF Muntenia's EUR 230 million assets.

SIF Banat-Crişana is being headed by Dragos Bilteanu (in picture), president and general manager, who took over the helm in December 2012, and who is also known for his investments in real estate.

All five SIFs are listed on the Bucharest Stock Exchange. SIF Banat – Crisana has a market capitalization of some EUR 136 million based on the closing price on Thursday, July 18. SIF Muntenia's stock exchange capitalization is of EUR 121 million.

The five SIFs are among the bluechips on the Bucharest Stock Exchange (BVB), and their evolution is mirrored in the Bet-Fi index.

editor@romania-insider.com