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Bulgaria mutual fund Advance Invest goes international

The consent granted by the Austrian supervisory authority to Karoll Capital Management makes Advance Invest the first Bulgarian mutual fund to go international.

The regulatory nod makes Austrian investors in Advance Invest eligible for certain tax and administrative breaks, said Daniel Ganev, executive director of Karoll Capital Management and portfolio manager at Advance Invest.

The assets of the fund are seen reaching 100 mln levs by the end of 2007 and doubling in 2008.. Advance Invest currently manages 80 mln levs in assets and is one of the nation's biggest mutual funds.

Karoll Capital Management will initially court professional and institutional Austrian investors and will start offering its shares to retail investors from December, Ganev said.

German is likely to be the next foreign market where Advance Invest could be marketed.