1. Who may use the BT Asset Management funds as an investment alternative? Funds managed by BT Asset Management SAI S.A. are addressed at individuals and corporations alike, from Romania or abroad, whom do not have sufficient information to enable the building of a diversified portfolio to reduce risk in capital market operations. Benefits of investing with our funds include our quality customer service and the diversified portfolio that reduces risk and maximizes profits.
2. What is the difference between open-end funds vs. closed-end funds? Unlike an open-end fund, the closed-end one does not have a continuous public offer of fund units and the purchase/liquidation are made at specific periods of time registered in each funds Prospectus. Usually, the closed-end funds have a higher level of minimum investment amount than open-end funds.
3. What are the advantages of becoming an investor? The advantages related to investment funds are mainly represented by the simple handling and high liquidity level.
Organized asset management
Low management costs
Transparency
High liquidity level
Mutuality (equal rights and obligation of all customers)
4. How can I become an investor with the BT Asset Management funds? In order to become an investor in any of our funds it is compulsory to purchase at least one fund unit. The purchase can be performed at any banking unit belonging to Banca Transilvanias network in cash or transfer order. You may as well use BT Asset Management head office to become one of our investor. It is requested to fill out a Purchase Form after having read the Prospectus of the chosen investment fund.
5. If I am a foreign citizen, can I invest in one of BT Asset Managements' investment funds? Yes, certainly! The only request is to be registered at the Romanian Tax Authority which will issue a Tax Registration Number (NIF) compulsory for tax on gain. If you have a residence in Romania or dual-citizenship, no registration number is required.
6. What are the main characteristics of BT Asset Management funds?
BT Obligatiuni Is a fixed income open-end fund, based on corporate and metropolitan bonds and Treasury bonds. In order to increase potential revenues the fund may invest up to 10% of its assets in the Romanian stock market. The recommendation is to remain investor at least 1 month.
BT Clasic Is a monetary open-end fund, investing in corporative and metropolitan bonds, as well as Treasury bonds or medium and short term deposits. The upper limit of total assets placed on the Romanian stock market is at 20%, including the Bucharest Stock Exchange and Rasdaq. The recommendation is to remain investor at least 3 months.
BT Index Is an open-end fund, 75% based on the Romanian Traded Index (ROTX). The fund will invest only in shares included in the ROTX. Its composition is permanently updated on the official Bucharest Stock Exchange website, allowing investors to track the daily changes of ROTX. If the configuration of ROTX is changed, BT Index will adapt to its new structure. In order to perform effectively, the fund manager recommends an investment period of at least 12 months.
BT Maxim Open-end fund based on investments in stock exchange market (up to 90%). The fund manager is empowered to establish short term investment policies on the stock exchange in order to achieve higher earnings for the customers. BT Maxim is a product specially designed to those less conservatives, willing to take risk and having as only objective to reach higher income. Due to the applied liquidation fees, the fund manager recommends an investment period of at least 12 months.
BT Invest It is a closed-end fund based on investments in the Bucharest Stock Exchange (BSE) market. Nevertheless, it allows managers to invest up to 20% of assets in companies not listed on the BSE. Therefore, BT Invest may obtain higher revenues for customers as a result of investments in undiscovered companies but which are likely to have a powerful future development. BT Invest is designed for high net income customers, willing to take risk for a period of at least 24 months.
7. What are the liquidation fees of BT Asset Management funds? The purchase of fund units is free of charge.
The management fee is different for each fund, being monthly withheld from the total assets under management. The management fee is 0.07%/month for BT Obligatiuni, 0.15%/month for BT Clasic and BT Index and 0.25%/month for BT Maxim. BT Invest has a mananegement fee of 0.2%/month.
According to the Prospectus of each fund, the liquidation fees vary as follows:
BT Obligatiuni: 0% of the total liquidation value.
BT Clasic: 1% of the total liquidation value if it is performed in less than 90 days from purchase, or 0%of the total liquidation value if it is performed in more than 90 days from purchase.
BT Index: 4% of the total liquidation value if it is performed between 30 and 360 days from purchase 0% of the total liquidation value if it is performed in more than 360 days from purchase.
BT Maxim: 4% of the total liquidation value if it is performed between 30 and 180 days from purchase 2% of the total liquidation value if it is performed between 180 and 360 days from purchase 0% of the total liquidation value if it is performed in more than 360 days from purchase.
BT Invest: 5% of the total liquidation value if it is performed in less than 720 days from purchase, or 0% of the total liquidation value if it is performed in more than 720 days from purchase.
8. Income statement and tax on gain According to the law in force, revenues from investments in fund units have the following tax on gain:
Fund units liquidated with profit and having a maturity under 365 day from purchase have 16% tax on gain;
Fund units liquidated with profit and having a maturity over 365 day from purchase have 1% tax on gain.
In both cases, 1% of the profit is withhold at source (by BT Asset Management) and transferred to the Tax Authority, the rest of the amount being requested by the same authority, based on the individual financial statement filed by investors according to the Portfolio File sent by the asset manager to each customer.
IMPORTANT: According to the Romanian Government?????s Decision concerning the adjustment of Tax Law, based on article 6 paragraph 9, all earnings resulted from investment fund liquidation during 2009, regardless to date of purchase, are NOT subject to tax on gain.
9. Where can I find information regarding my investor account? Investors may request account statements at any banking unit belonging to Banca Transilvania, BT Asset Management head-office, by phone: +40. (0)264.30.10.36 or e-mail: btam@btassetmanagement.ro, mentioning full name and personal security number.
10. How can I get more information about BT Asset Management products & services? Any other information may be obtained by dialing: +40.(0)264.30.10.36 or by sending an e-mail to: btam@btassetmanagement.ro After sending your request, you will be contacted in the shortest period of time by one of our employee.
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