The Financial Supervision Commission announced yesterday that it is issuing a license to CCB Asset Management, which means that Corporate Commercial Bank will soon be able to offer investors a mutual fund.

Investbank did the same a month ago, its Invest Fund Management managed to raise a little over 2 mln leva in a month.

In the past 10 days, First Investment Bank has been selling units in three mutual funds – FIB Classic, FIB Avangard and FIB Guarant. Units in these three can also be purchased in the office of FFBH Asset Management.

The other four players have a little longer history behind them. Central Cooperative Bank expanded its portfolio and is offering three funds, which by the way, managed to attract some 20 mln leva (10.225 mln euros) in six months.

The top three is led by United Bulgarian Bank, DSK Bank and Raiffeissen Bulgaria Bank.

The collective investment schemes of DSK Asset Management (DSK Rastej, DSK Balance, and DSK Garant) as well as those of Raiffeissen Asset Management (Raiffeissen Shares Fund, Raiffeissen Balanced Fund, Raiffeissen Bonds Fund, and Raiffeissen Money Market Fund) manage more than 100 mln leva (51.129 mln euros), which makes them the leading Bulgarian schemes.

Currently, the three funds of UBB Asset Management are controlling a little over 56 mln leva (28.632 mln euros).

The rapidly developing collective schemes market attracted the attention of the larger banks, which have several advantages in raising market share – hey have an established branch network in the country, they are visited by thousands of people daily, as well as the opportunity to offer units in the funds in packages together with other services.

This means the banks may become some of the most important players on the local capital market, which seems to have a bright future ahead of itself.