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Budapest Alapkezelő launches closed-end fund

Budapest Alapkezelő, Budapest Bank Rt's fund manager, is offering for subscription units in a new closed-end fund, called Világválogatott (World Selection), from May 15 to June 9, the fund manager announced on Wednesday.

The fund has a three-year run and pays a yield based on the performance of 11  different types of investment instruments, including Asian shares, commodities and Western European shares. The yield will be equivalent to that of the best performing of three baskets: a share-weighted basket, a commodities-weighted basket and a business sector-weighted basket. The fund guarantees the repayment of the principal investment.
Units in the fund are available at branches of Budapest Bank for a minimum subscription of Ft 10,000. The units are also available at Citibank branches for a minimum subscription of Ft 1 million. The fund will start with minimum assets Ft 200 million.
Budapest Alapkezelő is the second-largest fund manager in Hungary, managing assets of Ft 300 billion in 18 funds, including three guaranteed funds.