Last year investors were running from open share funds, also doing the same at the beginning of this year. During the last year they made back approximately one-fifth of the money under their control. Trustees were also on the move. In turbulent times investment committees of portfolio managing associations began to meet more often. Among the most commonly applied measures was the selling of not only shares, but risky positions. Then they preferred to keep the gained money in cash. To attract clients again, some managers, by the end of the year, started to practice fee exemptions. It has not worked well so far. Under normal circumstances investment committees meet at most once a month and at the meetings they set a strategic placement of assets. Via everyday decisions, the assets are controlled by a portfolio manager, thus reacting to the current situation in the markets, says Rastislav Podhorec, the director of AIG Funds Central Europe. But this has understandably changed. “Extraordinary circumstances necessitated more meetings,” he said. At the end of September and in October meetings were held every day, and later after the situation settled, just once a week.
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