STK Financial launches fund on BSE

The investment management company STK Financial, based in Cluj-Napoca, has launched its first private investment fund, which will be listed on the Bucharest Stock Exchange. The fund, called STK Emergent, will be set up by attracting private financial resources and will be a closed-end fund at first, with the listing on the Stock Exchange scheduled to take place by mid next year. “The advantages of the fund being listed on the Stock Exchange will be an increased liquidity of fund shares, as well as the opportunity for investors to sell the shares they own for a price higher than the net asset value. According to the prospectus, the steps towards the listing will begin a year after authorisation has been granted, so I estimate the fund will be listed at the beginning of June 2007,”Nicolae Pascu, president of STK Financial told ZF. The Stock Exchange listing of an investment fund is a first on the Romanian market, which is what the manager of the fund actually relies on, as the aim is trying to acquire a strong position on a market dominated by the bank”s asset management companies. ZF