Privately-managed pension funds allotted in Q1 this year less money to bank deposits (10.17 pc in March 2012, against 12.08 pc in December 2011), but invested more in shares (12.65 pc in March 2012, up from 10.72 pc in December 2011), reveals an analysis of the Romanian Pension Funds’ Association (APAPR), Wall-Street.ro reports.At the end of March, most assets of privately-managed pension funds – Pillar II (68.5 pc) was invested in state bonds, slightly up from March 2011 (67.14 pc), as well as from the end of last year (66.37 pc). Only 9 pc of investments were made on foreign financial markets, outside Romania, at the end of Q1. Since they were launched in May 2008, in almost 4 years of operations, the compulsory privately-managed pension funds achieved an average annual yield of 12.2 pc, according to the analysis. Over the same interval, 5.6 million people had the quality of participants in one of the 9 privately-managed pension funds – Pillar II, up 6.3 pc against March 2011, and 1.6 pc from the end of last year. Out of this number, approximately 5.37 million participants (96 pc) were registered with at least one contribution paid since the system became operational, in May 2008, according to data released by the Private Pension System Supervisory Commission (CSSPP).