Monday, May 23, 2011

Guardian Fund, Acuity Partners to launch unit trusts

By Jithendra Antonio

The Carson group owned fund, Ceylon Guardian Investment Trust PLC (GUAR) said the company had set up a joint venture with Acuity Partners (Pvt) Ltd to launch a series of mutual funds (unit trusts).

In a filing to the stock exchange Ceylon Guardian Investment Trust said, the new entity will be taglined as ‘Guardian Acuity Asset Management Ltd.’ and  will commence business by launching a series of unit trusts catering to local and international markets. The statement said the new entity will continue to explore other opportunities to collaborate in the asset management business over time, and the proposed unit trust funds will focus on equity and fixed income investments at the initial stages.

According to Guardian Fund Management, time savers would move away from traditional savings and fixed deposits schemes to more sophisticated savings products that combine benefits of share portfolio investments and fixed income instruments, as the post-war economic development in Sri Lanka will see increasing per capita income and savings rates among the general public. Carson-owned Guardian Fund Management holds a listed investment portfolio of approximately Rs. 38 billion including listed and private equity, and manages outsourced client funds and a Sri Lanka country fund domiciled overseas.

Acuity partners which is a joint partnership between HNB Bank and DFCC Bank in addition to its own network of clientele, will promote these unit trusts via the network of partner banks HNB, DFCC and DFCC Vardhana bank.

The filling further noted that the joint venture company presently under incorporation will in due course obtain approval for its unit trusts from the Securities and Exchange Commission of Sri Lanka and will thereafter launch the products formally to the market.

 The Board of the new joint venture is represented by Chandima Gunawardena (Chairman), Rajendra Theagaraja, Ray Abeywardena, Tyrone De Silva, Ruvini Fernando, Krishna Selvanathan and Niloo Jayatilake (alternate director  to Chairman Gunawardena).

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