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09Oct2007
Advance Invest – officially an international player
Karoll Capital Management received an official permit by the Austrian financial regulator to distribute the shares of Advance Invest Mutual Fund in the Republic of Austria. The permit obtained with the cooperation of Erstebank has been issued on the basis of art. 6b of Directive85/611/EEC on the so called UCITS III (The Directive on the Undertakings for the Collective Investments in Transferable Securities). The procedure of obtaining the permit was completed successfully after fulfilling the new requirements in compliance with Bulgarian legislation now harmonized with the EU laws. The so called "white label" allows potential Austrian investors to acquire Advance Invest shares according to the conditions of free delivery of services within the European Union.
"In 2004 we launched Advance Invest as the first Bulgarian equity fund, a year later it became the first domestic fund to invest abroad – in Romania, and now it is the first one with an official permit for distribution outside Bulgaria. With this act Karoll enters the ranks of the big names in the international asset management industry," comments Daniel Ganev, Managing Director at Karoll Capital Management and Portfolio Manager of Advance Invest.
The license is expected to facilitate foreign investors in their access to the fund, and to contribute to the increase of international investors' stake in the fund's shareholder structure, which is currently around 12%. Solid interest is expected from institutional as well as individual investors in Vienna, traditionally considered the West's gate to the Eastern European markets.
Advance Invest is a fund focused on the new EU members – Bulgaria & Romania. It is one of the largest domestic investment vehicles with assets exceeding BGN 80 mln. The fund's return is +38% in 2004, +32.6% in 2005, +31.2% in 2006, and above +70% since the start of 2007.
Investment in a mutual fund is the easiest way to have a securities portfolio (composed of stocks, bonds, etc.) without the need to analyze and select the financial instruments yourselves. The major advantages that make Advance Invest the preferred choice of many investors are the high return potential, professional and transparent management, high liquidity based on the open-end structure, and the tax benefits. Anyone can invest in the fund through Karoll's offices in Sofia and throughout Bulgaria.
