LM Legal Services Blog

The Bulgarian investment funds have shrunk by 37% since the beginning of the year according to the Bulgarian Association of the Investment Funds. Funds amounted to 880 million levs in December 2007, but they have come down to 556.9 million levs by the end of August 2008.

Only in August 2008, 8.3 million levs have been withdrawn from the investment funds which is a decrease of 1.4% in comparison to July 2008. Brokers claim that the withdrawal was lower than expected due to the holiday season. For comparison, as much as 45 million levs have beed withdrawn in July 2008 only.  Portfolio menagers expect further withdrawals due to the record low capital exchange index.