NewswireToday - /newswire/ - Bishkek, Kyrgyz Republic, 09/22/2009 - On September 18, OJSC MGN Asset Management was declared the winner of the tender held by the KR Development Fund for purchase of management company services.

Upon signing the appropriate agreement OJSC MGN Asset Management will start managing the assets of the Development Fund of the Kyrgyz Republic.

On September 18, 2009 OJSC MGN Asset Management (mgnam.com) was declared the winner of the tender held by the KR Development Fund for purchase of management company services. Among the main selection criteria were extensive asset management experience and access to various types of securities.

The company will manage Fund’s assets in strict compliance with the current legislation of the Kyrgyz Republic and invest available funds in various asset classes on the local and international markets. The management company is also in charge of protecting the principal and maintaining positive returns on Development Fund’s assets, as well as minimizing risks associated with trust asset management.
According to MGN Asset Management representatives, the Development Fund’s capital will be invested primarily in projects of the real sector of the economy. The remaining funds will be used to purchase liquid assets. “Preference will be given to forming conservative investment portfolios with moderate returns and low risks”, stressed Michael Fox, Managing Director of MGN Asset Management.
There will be no set fee for financial consulting services; MGN Asset Management will receive a commission based on the return on investments on funds managed by MGN Asset Management.

The Development Fund of the Kyrgyz Republic was established in 2007 with aims of developing and boosting priority and strategic sector of the Kyrgyz Republic by means of effective corporate management of the country’s financial assets. The Development Fund is a legal entity, a separate financial institution created as a closed joint stock company with a 100% interest stake belonging to the state.
MGN Asset Management is a subsidiary of the financial investment holding MGN Group focusing on structuring and managing investment portfolios of private and corporate clients. In its capital growth strategy development and implementation the company utilizes analytical research data and uses its access to the leading trading platforms.

Agency / Source: Flexi Communications

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