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| Sunday, 5 September 2004 |
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Money Market Fund in Sri Lanka A leading fund management company National Asset Management Ltd better known as NAMAL has launched a Money Market Fund for the first time in Sri Lanka. The fund will offer a new investment opportunity for Sri Lankan investors to manage their cash in a more systematic and prudent way, CEO of NAMAL S Jeyavarman said. "We intend achieving three key objective for the investors: Maximise current income ,preserve capital and provide liquidity," Jeyavaraman said at a media conference. He said that the fund will distribute four dividends a year to provide regular income. "Investors can open an account in the fund to invest their surplus cash and withdraw what they want when they want",he said. According to Jeyavaraman dividends and capital gains from the Fund are currently exempt from tax. This special feature makes the Fund an attractive, tax-efficient method for short-term investments. He said that to minimise risk and ensure high liquidity, the Fund will only invest in high- quality, fixed-income generating money market securities, with a maximum maturity limit of one year at any point in time. A unique feature of the Fund is that the transactions in and out of the fund do not attract any charge while Fund management fees are also kept low, to maximise returns to investors, NAMAL CEO said. Manager-Fixed Income Securities Ian Ferdinands said that all Money Market Funds will be in scriptless form.As a result investments and divestment can be done very quickly with minimum paperwork. He said that investors can withdraw their money partially or totally within two working days. They will receive regular reports to keep them updated on the Fund's activity and performance. Information about the value and performance of the Fund can be monitored through the NAMAL website. The Fund will officially accept investment commencing 6th September . The minimum investment needed to join the Fund is Rs 1,000,00 and multiples of Rs 100,000 thereof. Subsequent investment could be any amount not less than Rs 100,000. NAMAL will offer a special fixed price of Rs 10 per unit during the introductory period from 6-10 September. Deutche Bank AG Colombo Branch which will act as the Trustee and Custodian to the NAMAL MMF, is a subsidiary of the DFCC Bank. (HHS) |
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