A new agency to manage government wealth plans to seek private sector expertise and capital to manage government funds.
The National Wealth Management Corporation will soon ask for a license from the Central Bank to deal in the primary market for government debt.
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rnThe corporation established as a wholly owned subsidiary of the Mahapola Trust Fund will also seek private equity later on to strengthen its operations.rn
rnThe corporation will manage Mahapola Trust Fund monies of over Rs. 4 bn initially.rn
rnActivities of the corporation however will be widened to include management of fee and fund based activity of government corporations.rn
rnNational Wealth Corporation plans to set up divisions to manage activities from dealing in government securities to treasury operations.rn
rnldblquote What we intend to do is to have a primary dealership, a treasury management and advisory unit debt structuring and asset management; these will be the divisions within National Wealth Corporation, dblquote