The Croatian Financial Services Supervisory Agency (Hanfa) agreed on Thursday for Prosperus Invest to take over the management of the Nexus FGS II fund from the custodian, Privredna banka Zagreb (PBZ).
Hanfa, by a decision dated January 11 of this year, revoked the operating license of Nexus Private Equity Partners for the management of the Nexus FGS and Nexus FGS II funds, and the management of these two funds was taken over by the custodian banks – Splitska banka and Privredna banka Zagreb.
These banks were also tasked with conducting the process of collecting bids from companies managing alternative investment funds that meet the requirements and are interested in taking over the management of the two funds and selecting the new company.
>>>Hanfa: Inspire Investments takes over management of the Nexus FGS fund
Splitska banka, as the custodian of the Nexus FGS fund, conducted and completed the selection process for a new management company, and on March 15, Hanfa gave its consent for Inspire Investments d.o.o. to take over the management of that fund.
After taking over NEXUS FGS, Inspire Investment Fund engaged well-known experts Hrvoje Habuš and Dinko Novoselac for the manager positions.
The Management Board of Hanfa, at today’s meeting, issued a decision granting “consent to Prosperus Invest d.o.o. to take over the management of Nexus FGS II – an open alternative investment fund of venture capital with a private offering, from Privredna banka Zagreb d.d. (custodian).”
Hanfa stated in a press release that the agency’s decision was made after the custodian, PBZ, conducted and completed the selection process for a new management company for the FGS, and that, in accordance with its powers, it requested PBZ to provide a statement and description of the selection process for the new management company.
>>>Inspire: Entire portfolio of Nexus’s FGS I fund is up for sale
– It was determined that several interested management companies responded to the public call. The custodian, acting in accordance with its obligation to consider only the interests of investors when selecting a new company, established criteria for selecting the best offer, which it communicated to companies that met the legal requirements for managing the fund until the completion of the bid collection, invited investors to express their interests regarding the received offers, and based on the criteria and taking into account the expressed interests of investors, made a decision on the selection of a new manager, Hanfa stated.
In accordance with regulations
Hanfa, during its supervisory activities, checks whether the supervised entities, including custodians, act in accordance with the regulations governing their operations. However, Hanfa emphasizes that “the selection process and the definition of criteria for selection is at the discretion of the bank that is the custodian of the fund.”
They also note that after the transfer of management of the fund from the custodian to the new management company, investors have the option to change the management company in accordance with applicable regulations.
>>>Nexus, which is part of the investigation against Todorić, lost its license to manage funds
According to media reports, there were several interested parties, about ten, in the tenders for taking over the management of the Nexus FGS and Nexus FGS II funds, including two foreign companies managing alternative funds.
Prosperus Invest was founded in 2010, and is led by Joško Miliša, CEO, and Tomislav Tičić, Management Board member.
According to data from the court register, the founders of the company are Joško Miliša, Marko Udovičić, Zrinka Panjol-Tuflija, Ivana Hatvalić, and the American company Spitzberg Partners LLC, which was registered in the court register in November last year.
