Assets of Local and Foreign Investment Funds Reach 1.19 Bln Leva At the End of 2007

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Assets of Local and Foreign Investment Funds Reach 1.19 Bln Leva At the End of 2007

The funds managed by local and foreign investment funds operating in Bulgaria, amounted to 1,190.6 mln leva at the end of December 2007, which is 602.7 million leva (102.5%) up from 31 March 2007 (587.9 mln leva), the Bulgarian National Bank reports.

Assets managed by investment funds account for 3.5% of all deposits of the non-government sector in the banking system (up from 2.2% at the end of March 2007).

Assets of the resident investment funds amounted to 897.5 million leva at the end of December, which is an increase of 466.3 million leva (108.2%) compared to 31 March 2007 (431.2 million leva).

Assets of equity and mixed funds grew at the highest rate. Equity funds assets rose 146.9% from 229.3 million leva on March 31 to 566.2 million leva on 31 December. Mixed funds assets rose 83.9% to277.7 million leva.

Equity funds held the highest share in the overall assets of resident investment funds - 63.1% against 53.2% in March. Mixed funds held 30.9% down from 35% at the end of March.

Among the instruments included in the portfolio of resident investment funds, the largest share belonged to shares and other equity (60.7%), deposits (21.5%) and securities other than shares (11%).

The currency breakdown of the resident investment funds assets was dominated by assets denominated in BGN – 82% (against 76.5% as of 31 March) and EUR – 11% (against 17.2% as of 31 March 2007).

As to the geographical breakdown the assets were mainly allocated to the domestic market, where 88.3% of the investments of resident investment funds were concentrated.

As of 31 December 2007 non-resident investment funds had attracted BGN 293.1 million, up 87% from 31 March (BGN 156.7 million).

The institutional sector breakdown of investors in non-resident investment funds shows the prevalence of Insurance Corporations and Pension Funds (49.8%) and Households and Non-profit Institutions Serving Households (41.5%) as of end of 2007.

The liabilities of resident investment funds amounted to BGN 897.5 million. The institutional sector breakdown shows that the main shareholders were Households and Non-profit Institutions Serving Households (53%) and Non-financial Corporations (29.1%).

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