Primus Investment Management Limited (Primus Investments) and the Central Depository Company (CDC) signed a trust deed on October 15, for the Primus Daily Reserve Fund (Primus DRF). Primus DRF shall be an open-end money market fund, constituted under Non-Banking Finance Companies and Notified Entities Regulations, 2008 after obtaining requisite approval from regulatory authorities.
The objective of the Fund is to optimise savings for SMEs, Corporate Sector, and Financial Institutions for meeting any unexpected costs that may arise in the future, by providing them with high returns that constitutes low risk, and to maximise current income consistent with preservation of capital and liquidity. The Fund would be managed by Primus Investment Management Limited; a wholly owned subsidiary of Pak Brunei Investment Company (PBIC), a joint venture between Government of Pakistan and Brunei Investment Agency.
The Fund will be offered directly to Institutional, Corporate, Retirement Funds and NGO's Individual Investors through an IPO anticipated in mid November, 2012. Primus Investments aims at providing investment awareness across a broad spectrum of investor classes through providing access to traditional as well as alternative investment avenues such as commodities, Shariah compliant investments and financial derivatives. Ahmed Ateeq, Chief Executive, commented on the occasion of launch of the fund by saying "One of the salient features of Primus DRF is its management fee. On average, management companies are currently charging 1.25 percent, excluding other expenses".-PR
Comments
Comments are closed.