News

REDSIDE, a new investment company, which is part of the ASB Group, will manage funds worth billions of crowns

The Czech National Bank has recently granted a licence to REDSIDE, which is part of the ASB Group, to operate as an investment company. Under the Collective Investment Act, the company will thus be allowed to establish and manage mutual and investment funds. This will put the company into a small group of fund managers focusing on qualified investor funds in the Czech capital market.

Rudolf Vřešťál, Managing Partner of ASB Group and Chairman of REDSIDE’s Management Board comments: “The establishment of this company was a logical and long-planned move. For more than ten years, we have provided services in the Central and Eastern European region to major players in the fund business. I dare say that we have fairly unique experience in managing investments from foreign investors.”

REDSIDE’s objectives will be not only to offer the services of establishing and managing qualified investor funds to local investors and investment groups, but, in the medium term, also to convince major foreign investors to domicile their funds in the Czech Republic.

“The European fund market is a dynamic area with a very high value added, and the Czech Republic’s contribution to it has only been negligible thus far. Owing to the new European Directive on Alternative Investment Fund Managers (AIFMD), to be implemented in Czech legislation this summer, as well as due to the stable banking system, advantageous size, geographical location, good quality consultancy, and the ever-improving legislation governing collective investment, our country stands a very promising chance of becoming one of the major fund centres, such as today’s Luxembourg, Ireland or Malta,” Rudolf Vřešťál adds.

In these efforts, REDSIDE agrees with capital market experts, who are associated, inter alia, in the initiative Czech Republic for Finance – it is, along with the other investment companies, in on the ground floor of the modern Czech fund business, thus bringing collective investment to the Czech Republic with all of its benefits to the Czech economy.

For more information see www.asbgroup.eu