First mutual open-ended investment fund to be created in Azerbaijan
Azerbaijan, Baku, September 26 /Trend, A.Akhundov/
The first investment fund in Azerbaijan will be an open-end mutual investment fund, of which İnvest Az Asset Management Ltd. is engaged in its creation, the company told Trend on Thursday.
"The company has already begun the investment fund creation process and plans to complete it soon. This will be an open-end mutual investment fund. After the completion of preparatory work, it will be registered and start to operate. Afterwards, it is planned to publish the fund's strategy of activity and investment areas," the company said.
Azerbaijani State Securities Committee issued a licence to Invest Az Asset Management Ltd. for implementation of activity in the sphere of investment control in late August. Permission was given for five years.
The first investment in Azerbaijan can emerge by the year-end, the chairman of the State Securities Committee Rufat Aslanli said earlier.
Besides İnvest Az Asset Management, other participants of the market have also indicated their interest in the creation of investment funds.
"The first fund will be launched. However, I do not exclude the possibility that if similar structures are created by other companies in the future, then close-end investment funds will also emerge," the head of the State Committee said.