Bartleet Group launches fund to track index of Top 10 listed companies

Bartleet TransCapital in a joint venture with East India Investment Company (EIIC), has announced plans to launch Ceylon Asset Management (CAM) to manage two mutual funds that will introduce unique tax and risk efficient investment products to investors in Sri Lanka this October. The HSBC are the trustees for the two funds.

The promoters of the venture said they are confident of Sri Lanka's future as the country emerges as one of the best performing stock markets in a new global environment and regional economic growth led by India.

The Ceylon Index Fund will offer investors an opportunity to participate in the 10 leading companies listed on the CSE, via an index selected on the basis of their size and liquidity without the added risk and return of trading and speculation.

As our Stock Market grows to pass the Rs. 600 billion market capitalisation mark with the increased participation of foreign investors in the giant IPOs of LIOC and Dialog, Ceylon Index Fund will track the Index by investing in the same proportions of each company in the total Index and be fully invested at all times in conformity with the Investment Strategy stated in the Explanatory Memorandum.

Bartleet believes that the Colombo Top 10 Index will also provide a benchmark for investors and fund managers who actively manage their portfolios.

The second Mutual Fund, Ceylon Income Fund will offer investors access into sovereign (government) risk investment opportunities in the Treasury Bill market. The funds are designed to offer investors minimal risk and regular income at high interest rates with minimal tax consequences.

Chairman Eraj Wijesinghe said: "This is the natural consequence of growth and development. The top corporate entities listed on the CSE will receive prominence during the marketing of Ceylon Index Fund overseas."

Chairman of East India Investment Company Mohan Tissanayagam explained: "The funds have been structured according to the investor needs of today, offering complete transparency, low fees and minimum risk to optimise the risk/return combination to investors.

It is important to mobilise and engage the public's savings in the recent economic revival by giving access to the best investment opportunities available in the country." Bartleet TransCapital (Pvt) Ltd., the new financial services powerhouse that seeks to take capital-related activities to a new paradigm and across national borders, is one of Sri Lanka's pioneering financial services conglomerates.

Former Central Bank Governor and top public servant Dr. A. S. Jayawardena is the Chairman, with Indrajith Fernando, a leading corporate sector Chartered Accountant and current President of the Institute of Chartered Accountants of Sri Lanka (ICASL) serving as the Chief Executive Officer.