November 16 (SeeNews) - Croatian asset manager HPB Invest has secured regulatory approval to merge three of its open-end investment funds into its HPB Global fund, data from the website of the country's financial watchdog, HANFA, indicated.
In three separate decisions, HANFA announced it has given HPB Invest the greenlight to merge HPB Omega, HPB ZM1 and HPB Alpha into open-end investment fund HPB Global.
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The funds will be liquidated by the end of the year as their asset holdings have fallen below the required 5.0 million kuna ($1.0 million/685,000 euro) minimum, local news portal Lider Press (www.liderpress.hr) reported on Saturday.
The end-September assets of HPB Omega totalled only 785,000 kuna while HPB Alpha and ZM1 had 3.7 million kuna and 2.5 million kuna in assets, respectively, Lider Press added.
Prior to the merge, HPB Invest (www.hpbinvest.hr) run 10 open-end and one closed-end investment funds and one retirement fund, according to data from the HANFA website.
The assets managed by open-end investment funds in Croatia rose to 10.818 billion kuna at the end of October from 10.436 billion kuna a month earlier.
(1 euro=7.2996 Croatian kuna)