Sri Lanka’s Guardian Acuity Asset Management launches low risk gilt fund

Mar 04, 2015 (LBO) – Sri Lanka’s guardian Acuity Asset Management, a fund management firm launched a mutual fund invested in risk free government securities which will provide investors to enter and exit easily as a bank deposit, officials said. "It is purely invested in government securities and is therefore meant for investors who have the lowest risk profile," Ruvini Fernando, Chief Executive of Guardian Fund Management said. “Investors can come into this fund and exit any time they want. There won’t be ant entry or exit fees.” The newly launched “Money Market Gilt Fund” will be invested in government securities with maturities below 12 months and gilt-edged reverse repurchase deals. Fund Manager Sumith Perera said the fund which will be valued daily, targeted to attract senior citizens, professionals and corporates. The Guardian Acuity Asset Management says the fund size would be 500 million rupees and its expense ratio stands at 0.

49 percent including trustee and management fees.

Official says the fund will pay higher returns than savings deposits, which closely tracks Treasury bills.

Due to the short term nature of the investments it can also follow market interest rates. “We do not think bank deposits are way to go forward but a unit trust (a pool of funds) will give more avenues to for people to invest,” Fernando said. Investors could downloand forms online from GuardianAcuity.com and also used Hatton National Bank branches to enter and exit the fund, officials said. The returns from the mutual funds are also tax free.
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The Guardian Acuity Asset Management, is a joint venture with Guardian Fund Management which is part of the Sri Lanka's Carsons Cumberbatch group and Acuity Partners, an investment banking owned DFCC and Hatton National Bank.