Primus Investment Management Limited (PRIMUS Investments) and the Central Depository Company (CDC) on Wednesday signed a trust deed for the launching of Primus Cash Fund (PRIMUS CF). The objective of the Fund is to ensure minimum exposure to credit and interest rate risk, while investing primarily into short-term Government of Pakistan securities and cash and near cash instruments.
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 a pre-IPO anticipated in July, 2012.
PRIMUS Investments aims to provide 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.
PRIMUS CF will be an open-end money market scheme, constituted under Non-Banking Finance Companies and Notified Entities Regulations, 2008 after obtaining requisite approval from regulatory authorities. Ahmed Ateeq, Chief Executive, commented on the occasion of launch of the fund by saying "At PRIMUS Investments, we strongly believe in high ethical values and it is noteworthy that the growth of mutual fund industry is pivotal for the development of capital markets and economy."
He also stressed on creating awareness about savings and prudent financing by saying that "Fund Managers at PRIMUS Investments would be very pleased in educating prospective investors about the right avenues of investment." On the occasion Aisha Aziz, CEO of Pak Brunei Investment Company and Muhammad Hanif Jakhura, CEO CDC, Ahmed Ateeq, Abdul Hafeez, Abdul Samad and Atiq-ur-Rehman were also present.
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