A Third Asset Management Company

The State Committee for Securities granted Trust Asset Management Ltd. a perpetual license for asset management on October 31.

This is the third company which intends to manage the assets (securities or cash) of investors. The initial capital of the company is 500,000 manat. It was incorporated on July 22 this year.

The data on the founders of commercial legal entities in Azerbaijan was recognized by law as confidential in June 2012. However, judging from the state registry of open data-profit entities, with reference to the basic information about the new company, it can be assumed that Trust Asset Management Ltd is close to one of the leading holding companies in Azerbaijan - LLC Azersun Holding.

The Supervisory Board of the new company represents the Chairman of Azersun Holding Abdolbari Gozal, the Deputy General Director of the holding Nazim Guliyev and the former Chairman of the National Depository Center and BSE Fariz Azizov.

The LLC plans to provide professional management of various types of securities (stocks, bonds, and so on assets in order to profit investors.

The first two companies that received licenses were Invest Az Asset Management with a registered capital of 125,000 manat and LLC AzFinance Asset Management - 150,000 manat. These companies have not provided information about their activities yet. --08B--