Sri Lanka money market fund launched by Asia Securities
ECONOMYNEXT – Asia Securities Wealth Management (Pvt) Ltd, a unit of Asia Securities said it had launched a high yield money market fund as deposit rates in the country plunged amid weak credit and liquidity injections.
The Asia Securities Money Market Fund, which is regulated by the Securities and Exchange Commission of Sri Lanka (SEC) aims to provide an to traditional short-term instruments such as savings deposits, the firm said.
“The Fund allows investors to diversify cash holdings across a range of high-quality money market instruments, and offers higher return and good liquidity,” the company said.
The fund issue will be open for initial subscriptions from November 26 to December 2020.
Commenting on the firm’s fund management expertise,
“Meticulous analysis and risk management is one of our core competencies,” Avancka Herat, CEO, Asia Securities Wealth Management said in a statement.
“Our Private Wealth Management business which has managed a multibillion-rupee fixed income portfolio has comfortably outperformed other traditional fixed income investments since inception.”
The firm had an investment team with research, investment and risk management totally over 80 year, he said.
The money market fund will invest in high quality fixed income instruments issued by rated or listed banks, finance companies, corporates as well as Treasury instruments.
The firm says it is targeting investors who want to maintain high liquidity levels while seeing higher interest yields.
Resident and non-resident, individual and institutional investors could invest in the fund. (Colombo/Nov27/2020)