Bank ZENIT Increased Its Share in OFBU Market to 29.46%
Last year, OFBUs managed by Bank ZENIT were among the most successful funds in the market. The yield of the largest OFBU Dokhodny amounted to 61.58% on an annualised basis while the Bank's share in the OFBU market increased from 24.22% to 29.46% over 2006 (as reported by AZIPI).
In addition to OFBUs Dokhodny and Universalny that are well-known in the collective investment market, ZENIT offered three new products in 2006: it registered and started operating OFBUs Valyutny, Perspektivny and Dokhodny II.
The funds' total net asset value was $60.56 million as of the year-end. The net asset value of the most popular OFBUs (Dokhodny and Universalny) also increased significantly by $47.35 million.
Therefore, the net asset value of Bank ZENIT OFBUs increased by $108 million in 2006 up to $185 million (a 140% growth).
The development of the collective investment market accounts for a rapid growth of the number of customers that are willing to consider investment of their savings in the stock market and select the most successful OFBUs and UIFs to that end.
Bank ZENIT OFBUs are making a name for themselves on an ever increasing geographic scale: the Bank started developing an agent network to sell OFBU services in regions. It signed 8 agency agreements with regional banks which allowed a sale of OFBU units at 20 points of sale in cities where Bank ZENIT has no branches.
Last year, the Bank created an integrated product combining OFBU investment with a higher-rate deposit. The new product enables the Bank's customers to sign Bank Deposit Agreement Plus 1 (at a rate that exceeds the basic deposit rate by 1%) provided they also buy a unit in one of Bank ZENIT OFBUs.
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