ROMANIA - Chief executive of the Romanian pension fund manager OTP Fond de Pensii has resigned over strategic differences.

OTP Group, the Hungarian parent company of OTP Fond de Pensii, confirmed Marius Floarea had left his position on December 13 because of a "different strategic approach concerning the further development of OTP Group on the Romanian market".

A statement from OTP Group said it appreciated "the efforts Mr Floarea has done in order to set up and manage the mandatory and the voluntary pension funds", although it highlighted "sales results are behind the initial objectives".

The fund, which operates within Romania's second pillar pension provision, revealed Floarea's decision to leave was agreed by mutual consent although the firm has yet to reveal details of his replacement.

Recent pension reforms in Romania mean since September it has been compulsory for all employees aged under 35 to contribute to a private pension scheme, leading a number of non-Romanian firms - including OTP Group, ING, Aegon, Allianz-Tiriac and Aviva - to establish subsidiaries to target the new market.

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