Wednesday, September 12, 2007

Aviva says to buy 99.8 pct of Romania's Certinvest

LONDON (Thomson Financial) - UK life insurer Aviva PLC said it has agreed to purchase 99.8 pct of Romanian asset management company Certinvest from Certinvest's chief executive Eugen Voicu and Romanian-American Enterprise Fund (RAEF), a private US corporation.

Aviva Europe chief executive Tidjane Thiam said the acquisition is part of the company's European strategy to grow in Romania and more broadly in Central and Eastern Europe.loadAd('mpu');The deal is expected to complete by the year end.The company also said that the open-ended fund industry in Romania has shown an annual growth rate of over 50 pct and it believes that there is considerable potential for that growth to continue.Certinvest, which had gross assets of 1.1 mln eur as at June 30, manages about 24 mln eur in four open-ended funds and also offers individual investment accounts for high net worth individuals.

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