The VEKTOR indicator was calculated by ARIR for the first time in 2019 for the Main Market and is published annually on the Bucharest Stock Exchange (BVB) website.

Starting with 2022, ARIR evaluates also the companies from BETAeRO, according to the latest index structure available at the time of valuation.

SEE HERE VEKTOR 2023 Methodology


SEE HERE VEKTOR Results and Methodology for each year.

The results of the VEKTOR evaluation are audited every year by Mazars.


Objectives of the committee

Analysis of the current methodology and proposals to adjust to define the VEKTOR methodology for 2023 according to market expectations and aligned with best practices.

Dialogue with the listed companies on the new criteria proposed.

Participation in events presenting the new VEKTOR methodology.

Members of the committee

Adrian Tănase

CEO, Bucharest Stock Exchange (BVB)
Currently, Adrian Tănase is the General Manager of the Bucharest Stock Exchange, a position he has been occupying since January 2018 and has a career of over 20 years in portfolio management.

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Before taking over this position, he was for 5 years Chief Investment Officer at NN Pensions, the largest private pension fund in Romania and for 2 years CEO of ING Asset Management,Bucharest. He has been a member of the CFA Institute since 2009.

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Cristian Istrătescu

Entrepreneur & Capital market investor and real estate

Cristian Istrătescu is an entrepreneur, Investor in Real Estate for 13 years and for 6 years in the capital markets.

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Being a long-term investor, I believe a lot in the growth potential for the Romanian stock market, especially of the companies in the AeRo market. I started to change my focus in the last 2 years from the real estate area more towards the investments at BVB, following very carefully many of the companies listed in the last 2 years. In the area of financial education, I am very active through constant contribution with free materials in the top Facebook groups dedicated to investors and organization of an event on the topic of investment in the capital market: Bootcamp Science of Money.

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Daniela Șerban

President and Co-founder of ARIR
Daniela Șerban is an economist by profession and has over 16 years of experience in the capital market, at the Bucharest Stock Exchange, in the media, at The Money Channel, and consulting.

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She initiated and led the project to establish the Romanian Investor Relations Association (ARIR) and is currently the President of ARIR. Daniela was Director of Investor Relations and Public Relations at the Bucharest Stock Exchange (BVB) in the period 2015-2017, and held various other positions at the BVB since 2010. During her mandate at the BVB, she obtained from Biznis Polska the award for the Best Investor Relations Department in Central and Eastern Europe. As an IR professional, Daniela has met with institutional investors and participated in organizing events in London, New York, Tokyo, Warsaw, Prague and Budapest. He is currently a PhD student in Finance at the Bucharest Academy of Economic Studies.

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Dan Dascăl

Deputy General Manager - BT Asset Management SAI
Dan Dascăl is the Deputy General Manager - CIO of BT Asset Management SAI. He has a vast experience in the Romanian Capital Market, starting to work since 1997

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as a broker and later director of Cluj Branch within SVM Elita Invest 89, and since 2001 he has worked within SVM Transilvania Capital Invest as Head of Trading Service. Between 2003 and 2015 he held the position of Operations Director within SSIF BT Securities, member of the Banca Transilvania group, a position in which he coordinated the Brokerage, Trading and Financial Analysis departments. After a period of 2 years within the Capital Placements Department of Banca Transilvania, he joined BT Asset Management team starting May 2017, with the main attributions in coordinating the Active Analysis and Management Directorate.

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Dragoș Manolescu

Deputy General Manager, OTP Asset Management Romania SAI SA
Dragoș Gabriel Manolescu, CFA, is a member of the OTP Asset Management Romania SAI SA Directorate and Deputy General Manager.

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He has in-depth knowledge gained from specialization programs in the financial field: CFA Program, postgraduate studies of Master in The Management of International Projects organized by the Academy of Economic Studies in Bucharest. Dragoș Manolescu brings his added value to the team, having behind him over 17 years of experience in the treasury departments of banking groups and Asset management teams, where he was actively involved in the "rebranding" of investment funds and portfolio rebalancing. His area of expertise mainly concerns the portfolios of fixed income instruments as well as shares.

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Ioana Pop Ciucu

Head of Research, BT Capital Partners
Irina Răilean has been working in Equity Research since 2015 and leads the Analysis Department within BT Capital Partners.

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In his 8 years of experience in the capital market he has interacted a lot with listed issuers by closely following how they communicate with investors and analysts. She is a member of the CFA Romania Association holding the CFA title, she was awarded as , and as an educational background, she graduated from the specialization Finance and Banking (license) and Banks and Capital Markets (master) at the Babeș-Bolyai University in Cluj-Napoca.

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Irina Răilean

Head of Research, BT Capital Partners

Irina Răilean activează în Equity Research din 2015 și conduce Departamentul de Analiză din cadrul BT Capital Partners.

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  În cei 8 ani de experiență pe piața de capital a interacționat mult cu emitenții listați urmărind îndeaproape modul în care aceștia comunică cu investitorii și analiștii. Este membrul a Asociației CFA România deținând titlul de CFA, a fost premiată ca <Best analyst în 2017>, iar ca background educațional, a absolvit  specializarea Finanțe și Bănci (licența) și Bănci și Piețe de Capital (master) din cadrul Universității Babeș -Bolyai din Cluj-Napoca.

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Istvan Sarkany

Investor on BVB - Administrator of the Group Investors Without Borders
Istvan Sarkany has been an investor on BVB since 2013 and a manager of the Investors Without Borders group.

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From 2002 to 2005 he managed his own company with his own software for Internet Cafes, from 2004 he worked as a software engineer at various companies. She graduated from the "Transilvania" University of Brasov, specializing in Automatic Control and Industrial Informatics (bachelor's degree), Software Engineering in Automatic Control and Business Administration (master's degree).

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Răzvan Mihăescu

Investor on BVB
Razvan Mihăescu, 17 years old, is a student at Mihai Viteazul National College in Slobozia, an active investor at BVB since he was 14 years old, being his greatest passion. In October 2022, he obtained a financial analyst certification (FMVA) issued by the Corporate Finance Institute.

Răzvan Raț

Deputy Managing Director, BRK Financial Group
Răzvan Raț is a financial professional with extensive experience in the capital market, with over 15 years of experience in the financial industry.

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Currently, he is a member of the Bucharest Stock Exchange Board and Deputy General Manager of SSIF BRK Financial Group. He has held several key positions within the company, including Director of Operations and Trader. Prior to joining BRK Financial Group, he was a trader at Target Capital SA and a broker at Nova Invest SA.

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Răzvan Rusu

Manager de Portofoliu, Allianz Pensii
Răzvan Rusu is portfolio manager at Allianz Țiriac Pensii Private. He has 19 years of experience in asset management in both the asset management market and the private pension market.

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He is involved in the establishment and implementation of the investment strategy of private pension funds as well as in the process of engagement of funds with the governance structures of the companies in the portfolio. She graduated from International Economic Relations at ASE, a DAFI Master at FABBV, in-depth studies of Geopolitics and Geostrategy, as well as an MBA at the University of Geneva. Since 2022 he has been the holder of the CESGA certification.

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Valentin Cudric

Director of Corporate Finance, TradeVille
Valentin Cudric has over 20 years of experience in investment banking/ corporate finance and private equity investment funds, plus 7 years of activity as an engineer in a construction and installation company for the oil and gas sector.

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During his career he has advised for the sale /purchase of companies, including privatizations, identified investment opportunities in Romanian companies for funds with foreign private capital and after the closing of transactions, represented investors on the boards of directors of the acquired companies, getting involved in improving their performance. Between 2016-2019 he was a member of the Supervisory Board (non-executive) of Complex Energetic Oltenia, one of the largest companies in the field of energy production in Romania. Since 2016 she is a Senior Project Manager at the Romanian office of the American investment fund NCH Capital, a fund that manages over USD 3 billion. It also holds the Investment Management and Corporate Finance Representative certifications granted by The Securities & Investment Institute of London – an institution authorized by the Financial Services Authority in the UK.

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For details or clarifications regarding the VEKTOR methodology, please contact us at or

Daniela Aldescu
Director Executiv ARIR