Croatia News - CroatiaPress.com

Zagreb, Croatia 27 (CP) – The shareholders’ Prospectus Global Equity fund has fallen pray to recent serious losses and it was decided for it to be scrapped and merged with the second-strongest shareholders’ fund – Prospectus JIE and the investors’ money being transferred to the said fund which has existed for a year and its revenue in 2007 was 51.71 percent.

The exact date of the closing down of Prospectus Global Equity investment fund, which was founded in July of 2006, has as yet not been set, as the date needs to be decided on by the Croatian Financial Services Supervisory Agency (HANFA).

After a turbulent period for funds, this is the first instance of an investment fund, which managed more than eight million kuna in 2007 to go bust.

The start of its fall was the fact that after poor results it had posted in January of 2008, investors were withdrawing funds and pushing it further into the gutter.

A total of 79 investment funds operate in Croatia, about two dozens of them starting up in 2007 amid a shaky market, so more of the same can be expected soon.