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| Sunday, 12 June 2005 |
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Business |  |
| News Business Features Editorial
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Carsons sets up new Fund Management Company The Investment holdings sector of Carson Cumberbatch and Co. Limited, primarily consisting of The Ceylon Guardian Investment Trust (CGIT), The Ceylon Investment Company and Rubber Investment Trust, has set up a fund management company to widen the scope of activity of the sector. Up to now the investment holdings sector held a long term portfolio of high performing investments quoted on the Colombo Stock Exchange, which was valued at Rs. 6.4 billion as at March 31, 2005. This long term portfolio has key stakes in several prominent quoted companies, including 3.13% of John Keells Holdings, 7.96% of Hayleys Limited and 10.93% of John Keells Limited as well as strategic stakes of 20% of Ceylon Cold Stores and 12% of Union Assurance Limited. These companies also hold strategic stakes in the Malaysian oil palm plantation companies quoted on the Colombo Stock Exchange valued at Rs. 2.95 billion as at March 31, 2005. In its most recent Annual Report CGIT states that given the size of the resource base of the Guardian Group it now sees opportunities to engage in diverse investment management activities, which can further enhance returns to shareholders in the future. The need to build a dedicated team with the investment management skills was felt at this stage to enable the Guardian Group to seize the opportunities now emerging in the local capital markets. Guardian Fund Management (GFM), the new fund management company was created with this objective. As a first step Guardian Fund Management (GFM) has been entrusted with the task of developing actively managed portfolios for the Carsons investment holding companies. This will compliment the long term portfolio already built up within the Group. Niloo Jayatilleke who counts over 10 years of industry experience in fund
management at the Ceybank Unit Trust, recently joined GFM as its Fund
Manager with responsibility for managing the short term portfolios. The
management team of GSM is headed by Ruvini Fernando, General Manager,
Investments, head of corporate planning at Carsons Group. Guardian Fund
Management and the investment holdings sector of Carsons comes under the
purview of Chandana Tissera, a Board member of the parent company, Carson
Cumberbatch and Co. Ltd., who also overlooks the Group's overseas oil palm
plantations business. |
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