Банкеръ Weekly

Briefs

TWO WESTERN FUNDS ARE SHAREHOLDERS IN DZI

Ashmore Global Special Situation Fund and Julius Baer International Equity Fund are the end buyers of 5% packages of the capital of the State Insurance Company (DZI) against compensation instruments of payment. The brokers Eurofinance and ING Bank bid for them on the stock exchange. Immediately after the sale it was believed that the insurance company Orel was behind the investment underwriter Eurofinance. Julius Baer International Equity Fund is one of the three mutual funds of the Swiss financial group Julius Baer, registered in the USA. The fund invests mostly in bonds, but stocks are also present in its portfolio. By June 30, 2003, the fund was entrusted to manage about USD2BN. It operates on the developed markets by 70% of its equity. Julius Baer International Equity Fund prefers to invest almost 13% of its finances in the so-called developing markets. The Polish, Hungarian and the Czech capital markets are among its favourits.The US mutual fund invests also in securities of big bank groups, such as OTP Bank (1.95%), UniCredito Italiano (1.87%), Vodafon Group (1.88%), Erste Bank (2.18%), etc. The other investment fund that acquired a package of DZI shares is Ashmore Global Special Situation Fund, which manages about USD5.9BN. It is within the British financial group Ashmore Investment Manegament. According to brokers, the fund has traded in Bulgarian ZUNK-bonds and the domestic market is not completely unknown to its dealers.The residual state-owned package, including 20% of DZI's shares, was put up for sale on the stock market against compensation instruments of payment on August 11. It was bought out immediately. The Finance and Brokerage House Carol also purchased a 5% package of DZI. Many clients of the First Finance and Brokerage House acquired a total of 2% in DZI. Shareholders who own more than 5% of a certain company's capital have greater rights and may influence the company's policies. The majority 80% package of DZI's stocks is in the hands of Contract-Sofia, held by DZI.

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