BELGRADE (Serbia), December 15 (SeeNews) – Serbian open-end fund KD Exclusive said it will merge into its peer Triumph run by local Citadel Asset Management firm, aiming to improve the operations of both companies, Serbian broadcaster b92 reported on Tuesday.
KD Exclusive is part of KD Investments a.d. Beograd, a Serbian unit of Slovenian financial services provider KD Group.
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The merger will be completed by February 11, 2010, b92 (www.b92.net) reported. Triumph will take over all the clients, assets and obligations of KD Exclusive.
KD Investments said in a statement last week it has received approval from Serbia's Securities Commission to merge with Citadel Asset Management, part of Serbia's Citadel Investment Services Group.
Besides Triumph, Citadel Investment Services Group, part of international Citadel Financial Services Group, comprises growth fund Focus Premium, Focus Money Fund and closed-end fund Triumph Elite.
Fourteen investment funds are listed on the Belgrade bourse. Legislation regulating the fund industry business in Serbia took effect in December 2006.