The branch of Life Division (Hungary) in Baku is offering asset management services , without having the legal grounds. As directed by the State Committee for Securities , the company suspended its illegal activities in the territory of Azerbaijan, the committee said .
SCS warned April 9 Azerbaijani investors who are clients of Life Division and Innovative International Group Ltd (the first part of this holding structure) to keep in mind the illegality of these companies. Under the law, asset management is a professional activity in the securities market, and requires a special permit (license). Baku branch of LLC Life Division informed the SSC to suspend this activity.
The only company in Azerbaijan, which has acquired a license for asset management (August 2013), is Invest Az Asset Management.
LLC Life Division established a branch in Baku on 18 March this year. The branch manager is Nigar Atabeyli.
Turan was unable to get a comment from Ms. Atabeyli on this fact, as the branch of Life Division has no phone and internet resource.
Apart from Hungary and Azerbaijan, LLC Life Division operates in Bulgaria, Estonia, Russia, Ukraine, Kazakhstan and Nigeria.
LLC Life Division is a member of a holding Innovative Securities Limited (New Zealand). The company manages the investment portfolio of the holding. Moreover, this holding company was founded in 2008 by Innovative International Group Ltd (England, London).
A staple of these financial intermediaries is Profit Max, which provides investment services to clients within the portfolio formed on the basis of a predetermined investment policy. - 08D-
Economics
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