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Asset managers eye setting up boutique funds in Bulgaria

Asset managing companies operating on the Bulgarian market will seek permission to set up boutique mutual funds targeted at a limited number of deep-pocketed investors, the online English edition of the Dnevnik daily informs. The investment will be parked in riskier assets such as derivatives with the aim to achieve higher yield but also greater danger of loss. Legislative amendments proposed by the Bulgarian Association of Asset Management Companies (BAAMC) obtained by Dnevnik see boutique schemes attracting investment from no more than 100 people. Eligible investors must have BGN 1 million in assets. Despite the crisis, industry representatives say there are enough wealthy people in Bulgaria to meet the requirements for joining such schemes. Asset managers also propose that the funds should not be traded on the stock market in Bulgaria or any other EU country. Boutique schemes will be also overseen by the Financial Supervision Commission (FSC) but control should be much looser and they will bear much higher risk. Furthermore, they will not be required to issue prospectuses approved by the regulator and post data at much less frequent intervals. Boutique funds will be allowed to borrow more cash for specified purposes and invest in derivatives such as options, futures, forwards, swaps and commodities to hedge risk. Conventional contractual funds and investment companies in Bulgaria can only invest in a limited number o assets.

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  • 04.03.2010
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  • 24.02.2010
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  • 22.02.2010
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