DZU Ilirika takes over Triumph, Triumph Balance and Citadel Novcani Fond

The investment funds management company (DZU) Ilirika has taken over another three funds in Serbia. In that way, investment funds Triumph, Triumph Balance and Citadel Novcani Fond will now operate under the management of Slovenian owners instead of being managed by Citadel Asset Management.

- In accordance with the subject agreement, Citadel Asset Management AD has signed an agreement to transfer the rights to manage all open-ended investment funds it currently manages to DZU Ilirika AD, while Citadel Asset Management will continue to operate as a management company focused on the management of closed-ended and private investment funds - Citadel announced in a statement on its website.

They also pointed out that the previous management of the property of open-ended investment funds Triumph, Triumph Balance and Citadel Novcani Fond by Citadel Asset Management had led to an enviable growth of assets and revenues in 2011 despite the crisis and uncertain situation in financial market, putting them among the most profitable funds in Serbia.

On the other hand, DZU Ilirika AD Beograd, headquartered in Belgrade, was founded in 2007, and it runs five open-ended investment funds. It is part of the international financial group Ilirika, which owns one of the largest broker companies in Slovenia and investment funds management companies in Slovenia, Croatia and Macedonia.