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Bulgaria’s mutual funds assets clear BGN 600m mark
Date: 03/09/2010
Source: Dnevnik
Bulgaria’s mutual funds assets clear BGN 600m mark

For the first time since end-2009, Bulgarian mutual funds experienced pick-up in the volume of managed assets, posting a 4% rise to BGN 618 million in August.

The figure represents a BGN 26 million increase on the July level, shows data by the Bulgarian Association of Asset Management Companies (BAAMC) and market players.

Domestic schemes attracted approximately BGN 8 million in fresh assets in the eight month of the year, with foreign schemes, led by Pioneer, scooping up around BGN 18 million more.

However, few made capital profits as markets were roiled by some of the worst months of the year, which means that more cash poured into the schemes.

The uptick in assets managed by Bulgarian mutual funds could be traced back mostly to the rebalancing of portfolios of professional and institutional investors, said Yavor Achev, Pioneer Investments’ manager for Bulgaria. He revealed that august brought the first net sales through the scheme’s savings plan, an investment product which enables customers to park monies with mutual funds through a series of small monthly payments.

In August, the net assets of the Pioneer funds marketed in Bulgaria increased by approximately BGN 18 million to BGN 183 million as at August 20.

Pioneer Investments retained its market lead, followed by Raiffeisen Asset Management and Elana Fund Management. The top five players hold slightly more than 60% of the sector’s total assets.

The combined mutual fund market has swelled by nearly 12% to BGN 618 million since January.

Topic: Financial

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