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“Alpha Asset Management” withdraws from the Bulgarian capital market and its fund for investments in the stock index SOFIX passes to the company “Expat” of Nikolay Vassilev
The Financial Supervision Commission did not approve the agreement for four months, for the second time it requested additional information.
NIKOLAI VASILEV
Ivo Prokopiev transferred part of his financial business to Nikolai Vassilev, former economic deputy prime minister and minister of the government of Simeon Saxe-Coburg-Gotha.
The intention is clearly seen in a statement from the Financial Supervision Commission, which authorizes such transactions. However, he has sent a request to the management companies “Alpha Asset Management” and “Expat Asset Management” for additional information and documents on the merger of the investment fund “Alpha SOFIX Index” into Expat Bulgaria SOFIX USITS ETF.
Alfa Asset Management is part of Alfa Finance Holding, which belongs to the Finance Group, over which Prokopiev exercises control. The expatriate asset management is controlled by Nikolay Vassilev.
The Alpha Asset website states that
the assets of
“Alpha SOFIX
Index “to
the last
They are 6 months old
fell towards
386 669 lv.
Therefore, they were below the threshold of BGN 500,000 required by law and with a lasting tendency to remain below this value. The net asset value must be clear in accordance with the Law on the activity of collective investment organizations and other collective investment companies.
It is also noted that the main Bulgarian stock index SOFIX, in whose prices the Alfa Asset fund actually invests, has fallen more than 20% since March. Therefore, the decision was made to transfer the fund to Expat. “Alpha SOFIX Index” ends without liquidation, transfers to Expat Bulgaria SOFIX UCITS ETF all its assets and liabilities, and shareholders of the “Alpha Asset” fund receive shares in the “Expat Asset” fund.
And although the Financial Supervision Commission was notified of the agreement on June 17, almost 4 months later it still has not given permission. She asked for clarification on the transformation plan, and the latter were sent on August 20.
According to experts, the regulator’s questions may be related to the fact that
aboard the
directors of
“Alpha Asset” is
Maya Yankova, a
He is her husband
Nikola Yankov,
who is the managing partner and co-owner of Nikolay Vassilev in the company that manages the Expat funds. Yankov was Deputy Minister of Economy in the period 2001-2003, and from 2003 to 2005 in Transport, when Nikolay Vassilev was Minister.
Nikolay Vassilev insists that it is not about buying and selling a business.
“It is normal
deal
intention in
which one
smaller bottom
Flows in
Dozens of times
larger
of him background. Our capital market is small and there is nothing wrong with merging two or more funds. The information on the intention is public, there is nothing extraordinary about it, “said the former Deputy Prime Minister, who asked for details about this operation.
“And to your question about related people, my partner’s wife is not a partner in the other fund, but she is his employee. It never occurred to anyone that this is a problem, because it is not,” Vassilev is convinced.
If the two funds merge, it means that Prokopiev is practically closing down a part of his business, the one with financial assets that are traded on the exchange. Because Alpha Asset managed two more funds: Alpha Index Properties and Smart Tech. The first invests in shares of real estate companies and the second in selected securities on the Bulgarian stock exchange. In the spring of this year, however
Active alpha
decided on
liquidation of
these two funds,
which was made in the summer.
If the Alpha SOFIX index is also transferred now, it means that Alpha Asset will not manage assets and investments.
And the investment broker Bulbrokers, until years ago the largest in Bulgaria, which is also part of Alfa Finance Holding, is reducing its activities.
This company is known for its participation in important transactions in the management of various governments. In 2005 he participated as a consultant in the sale on the stock exchange of 34.78% of BTC against 304.3 million euros in compensatory instruments.
Bulbrokers is a consultant to the privatization agency on the sale of three tender procedures for tecs in Varna, Bobov Dol and Ruse, as well as on the listing of shares on the BMF stock exchange. He also advised KBC’s Belgians in the purchase of DZI shares from the other shareholders.
Bulbrokers was the intermediary in the sale by the State of the minority shares of the stock exchanges, which caused a serious confrontation with the justice of Ivo Prokopiev and former ministers Simeon Djankov and Traicho Traikov of Boyko Borissov’s first cabinet. In the end, after a trial that lasted almost a year and a half, the three were acquitted in the first instance in June of this year. However, the Prosecutor’s Office is appealing and there will be a judgment in the second instance.
From a message on the Bulbrokers website, it’s clear that you’re done
It is not going to
offers
administration
of wallets
It is a service in which a client entrusts a certain amount to an intermediary and the latter invests it in various stocks and other securities. From Bulbrokers explanation it is clear that interest in portfolio management is greatly reduced. In fact, this applies to a number of other investment intermediaries in our country, even the largest ones, who also leave this service.
Regarding the deal between Ivo Prokopiev and Nikolay Vassilev, “24 hours” received an official reply: Alfa Finance Holding and the group companies continue to actively develop financial and investment businesses. As publicly announced 5 years ago, the group is gradually withdrawing from the capital market only in Bulgaria. The reason is the lack of a policy for its development, which leads to the impossibility of creating sustainable business models.
In practice, Alfa Finance Holding’s finance business has declining functions, including the bank it owns in Macedonia. It has almost no activity except for operations that maintain the minimum regulatory requirements of the National Bank in Skopje. For years, Ivo Prokopiev has tried to find a good buyer for the bank in Macedonia, but also for the financial intermediary Bulbrokers in Bulgaria.
Until a few years ago, the interests of the entrepreneur could be traced through the companies of the financial holding company of Ivo Prokopiev: through Alpha Credit he participated in the securitization of real estate, in the insurance business through Broker Ins, he was also an owner from another investment broker in Macedonia.
Prokopiev partners expect you to focus on your consulting activities as Bulbrokers Consulting continues to operate or will develop in new directions. It deals with the electric car rental business, the production of electricity and its sale through the Toki platform, as well as real estate management.
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