May 24 (SeeNews) - Zagreb-based Erste Asset Management, a member of Austria's Erste Bank Group, said on Thursday it has launched two funds in Montenegro, which makes it the first Croatian investment fund to expand its business outside of the country.
Trading in the two funds, Erste Adriatic Bond and You Invest Balanced, was approved by the Capital Market Commission of Montenegro on May 16, Erste Asset Management said in a statement.
The shares in the listed funds will be available to the citizens of Montenegro through the business network of Erste Bank AD Podgorica.
Erste Adriatic Bond is currently the largest fund in Croatia with assets over 2.33 billion kuna ($369.2 million/315.1 million euro). It is intended for more conservative investors, individuals and legal entities whose goal is to achieve the right return by investing funds for a recommended period of at least two years, with a moderate level of risk.
You Invest Balanced is a mixed fund intended for individuals and legal entities with an investment horizon of more than three years and those willing to accept a moderate level of risk with a view to achieving a return on invested funds.
(1 euro=7.39540 kuna)