Top Ten Management Companies Oversee 85% of Mutual Funds' Assets
The ten biggest asset management companies in Bulgaria oversaw 591.2 mln leva assets, accounting for 85.13% of the combined assets of mutual funds as at th end of the first quarter of 2008, Profit.bg data show.
Elana Fund Management is the only asset management company with assets of over 100 mln leva as at the end of the first quarter of 2008.
Raiffeisen Asst Management and DSK Asset Management followed with 97.3 mln leva and 96.9 mln leva assets, respectively. The two management companies occupied the top spots at the end of 2007 with 124.2 mln leva and 129.7 mln leva assets, respectively.
Karoll Capital Management and Capman Asset Management round out the top five of the asset management companies as at the end of March 2008.
Capman Asset Management's assets declined by 38.5% in the first three months of 2008, the most in the period. The assets of Standard Asset Management and Karoll Capital Management decreased by 26%, while DSK Asset Management saw a 25.2-percent decline in assets.
The combined value of the assets of Bulgarian mutual funds totaled 694.48 mln leva as at the end of March 2008, down from the 885.02 mln leva assets recorded at the end of 2007.