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Wednesday, January 18, 2006 

Bulgaria licenses new management company

Bulgaria's Financial Supervision Commission (FSC) licensed Balkan Capital Management last week, bringing to 15 the number of management companies operating here.
Balkan Capital Management is co-owned by Financial Brokerage House Logos TM (51%) and investment intermediary Sofia International Securities (49%).
Balkan Capital Management intends to launch 5 contractual funds, Dnevnik learned from the company's executive director Iliyan Skarlatov.
One of the funds will invest on the European markets while another one will buy shares in property investment vehicles. The group will be completed by an aggressive, a balanced and a conservative investment funds.
The FSC also licensed Capital Management and CCB Real Estate Fund to operate as Special Purpose Vehicles. Both are co-owned by CCB Group Asset Management (70%) and insurer Armeec (30%) and have capital of 500,000 levs.
Capital Management will securitise receivables while CCB Real Estate Fund will securitise real estate properties.

Source: Dnevnik

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