Certinvest, the biggest independent asset manager, plans to raise 5m euros from wealthy investors for the first art investment fund in Romania, counting on an annual yield of over 15%, calculated in euros.
The fund is pending authorisation by the National Securities Commission (CNVM) and is due to be launched in two weeks. It will operate as a closed investment tool that will control two companies set to make artwork purchases.
The investment decision or the selection of art works rests with Certinvest managers, who will consult with experts and evaluators. The minimum investment in the fund will stand at 5,000 euros, with the product being particularly aimed at wealthy investors seeking to diversify their placements.
After the first year, the fund will start selling the art works in the portfolio, with yield or fund depreciation coming from the rising or falling prices of art works.
"The fund wants to profit from the opportunity that emerged on the market through which Romania's National Art Museum will hand back an important number of art works, and many of owners' heirs are willing to sell the works. We want to raise 5m euros from investors and we believe the fund will go beyond a 15% yield per year," said Eugen Voicu, chairman of Certinvest, with net assets worth over 104m lei under management.
Certinvest, the biggest independent asset manager, plans to raise 5m euros from wealthy investors for the first art investment fund in Romania, counting on an annual yield of over 15%, calculated in euros.
The fund is pending authorisation by the National Securities Commission (CNVM) and is due to be launched in two weeks. It will operate as a closed investment tool that will control two companies set to make artwork purchases.
The investment decision or the selection of art works rests with Certinvest managers, who will consul
