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| Sunday, 9 February 2003 |
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| News Business Features Editorial
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Int'l bond fund reaches local market by INDUNIL THENUWARA An international bond fund was launched for the first time in Sri Lanka recently by Seylan Bank in association with Tyndall Investment Management Australia Ltd. The fixed income fund is the first stage in a multi-year programme that was launched by the bank to diversify and add value to its foreign currency denominated funds. Addressing a news conference held to announce the launch, Director, General Manager and Chief Executive Officer Seylan Bank Rohini Nanayakkara said: "This introduces a new level of sophistication and expertise to the domestic financial market and takes it a step closer to being an international financial centre. Over time, the resulting increased level of financial market efficiency would assist domestic financial markets to play the role expected of them in guiding Sri Lanka on its path towards economic development and prosperity." "The traditional role of banks is increasingly coming under pressure in the present era and to stay ahead, value added services are needed apart from the more traditional services," she said adding that US$ 60 million from Seylan Bank's offshore banking unit has been set aside for this fund. Tyndall, the Sydney-based Australian investment management arm of the UK insurer Royal and Sun Alliance, has nine billion Australian dollars of funds under management. The value-adding process that Tyndall has introduced to Seylan Bank is driven through global exchange traded futures and options. The use of exchange traded interest rate futures and options gives the fund the flexibility to add value in a rising or falling market specially when global bond yields appear to have reached a cyclical low. "Tyndall's association with our bank will help us develop in-house expertise, global investment management skills and prudent risk control measures that will move us forward. We are focused on increasing the value of shareholder returns and the wealth of our clients while at the same time exposing our staff to complex international financial markets," Nanayakkara said. |
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