RNSC revokes license of KD MultiFond

Romanian National Securities Commission (CNVM) has revoked the license of open-end fund KD MultiFund under KD Investments’ custody, capital market watchdog said in its bulletin.

Launched in 2007, the product has been the only fund in the local market with assets solely in other collective investment schemes.

Under the prospectus, 50-70% of the fund’s assets were in equity funds, 20-40% in money-market funds or bond funds, 10% in banking deposits and 5% in current accounts.

The revocation of the fund’s license came about after the withdrawal of the sole investor from the fund, a company that had 1 million lei in investments. Remaining without any investor, leads to the revocation of the license.

In early June, the crisis had its first casualty in mutual fund market. Administrator of Prime Asset Management remained without investors, which led it to the revocation of the license.

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