October 21 (SeeNews) - Net assets under management by Romanian mandatory private pension funds increased 27% on the year to 59.11 billion lei ($13.8 billion/12.4 billion euro) as of end-September, the financial supervision authority, ASF, said on Monday.
Government securities had the highest share in private pension funds' assets - 61.38%. Shares came in second with 21% and bank deposits were third with a share of 7.05%, ASF said in a statement.
The number of contributors to the second pillar of Romania's pension system topped 7.376 million at the end of September.
NN pension fund led in terms of assets with 20.8 billion lei, followed by AZT Viitorul Tau with 12.77 billion lei, Metropolitan Life with 8.4 billion lei, Vital with 5.8 billion lei, Aripi with 5.1 billion lei, BCR with 3.9 billion lei and BRD with 2.2 billion lei, ASF data showed.
At the end of 2018, net assets under management by Romanian mandatory private pension funds increased 19.7% on the year to 47.5 billion lei.
The second pillar, which is operated by the private pension funds, is sustained by contributions of 3.75% of gross wage mandatory for people under 35 years old and optional for people aged between 35 and 45 years.
(1 euro =4.7556 Romanian lei)