Investment Funds in Bulgaria Increase Assets under Management by 13% Y/Y in 2015

The assets managed by resident and non-resident investment funds operating in Bulgaria totalled BGN 2.22 B as of end-December 2015, increasing by 13.2% year-on-year, the Bulgarian National Bank (BNB) announced on Friday.

The assets of resident and non-resident investment funds were equivalent to 2.5% of 2015 GDP projected by the BNB, growing by 0.2 percentage points from December 2014.

The assets of resident investment funds amounted to BGN 794.4 M at the end of December 2015, down 1% year-on-year.

Among resident investment funds, bond funds held 44.5% of total assets at the end of December 2015, a decrease compared with 51.9% a year earlier. Equity funds held 35.8%, an increase compared with 31.8% in December 2014, the BNB said in a statement.

In instrument breakdown of resident investment funds’ assets, deposits decreased by 31.1% year-on-year, reaching BGN 220.6 M as of end-December 2015. Investments in shares and other equity increased by 13.6% to BGN 255.3 M, while investments in other types of securities increased by 7% year-on-year to BGN 213.7 M.

Shares and other equity accounted for 32.1% of total assets of resident investment funds at the end of December 2015. Deposits followed with 27.8%, and securities other than shares with 26.9%. These percentage figures compared with 28%, 40% and 24.9% respectively at the end of December 2014.

The liabilities to residents of non-resident investment funds totalled BGN 1.43 B at the end of December 2015, growing by 23% year-on-year.

In a breakdown by the type of institution, liabilities to insurers and pension funds increased by 23.3% year-on-year, reaching BGN 1.14 B  as of end-December 2015. Liabilities to households and non-profit institutions serving households increased by 31.9% to BGN 234.9 M. 

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