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Dec 21, 2007 17:08 EEST
December 21 (SeeNews) - Bulgaria's financial regulator on Friday gave the green light to domestic asset manager Zagora Finacorp Asset Management to launch a mutual fund.
The Financial Supervision Commission (FSC) said in a statement it had licensed Zagora Finacorp Balanced Fund.
Zagora Finacorp Asset Management is 50%-owned by local financial firm Forucom and Co and the rest is distributed among five Bulgarian citizens, according to latest data available.
Twenty-seven investment intermediaries, offering a little over 70 mutual funds, are active in the country, which joined the European Union in January. The stock exchange in Sofia has been attracting strong interest since then as well as an influx of more foreign cash.
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