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Asia Securities Wealth Management launches new money market fund

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Avancka Herat, CEO, Asia Securities Wealth Management

Asia Securities Wealth Management (Pvt) Ltd., the investment management arm of Asia Securities, one of Sri Lanka’s leading investment firms, recently launched the Asia Securities Money Market Fund. Regulated by the Securities and Exchange Commission of Sri Lanka (SEC), the Asia Securities Money Market Fund aims to provide an attractive alternative to traditional short-term instruments such as savings deposits. The Fund allows investors to diversify cash holdings across a range of high-quality money market instruments, and offers higher return and good liquidity.

As one of the leading investment services providers, Asia Securities recognizes that many investors place a high value on achieving the dual objective of higher income generation from their investments, while simultaneously safeguarding their capital. The Asia Securities Money Market Fund is designed to achieve both these, by delivering competitive yields and liquidity with a low risk to capital, compared to other traditional fixed income investments. The fund issue will be open for initial subscriptions from 26th November 2020 to 23rd December 2020.

Commenting on the firm’s fund management expertise, Avancka Herat, CEO, Asia Securities Wealth Management stated, “Meticulous analysis and risk management is one of our core competencies. Our Private Wealth Management business which has managed a multibillion-rupee fixed income portfolio has comfortably outperformed other traditional fixed income investments since inception. Our seasoned team of investment professionals bring over 80 years of unparalleled local and international expertise in research, risk management and portfolio management. With the launch of the new Asia Securities Money Market Fund, we hope to continue to bring dynamic investment opportunities for local investors looking to navigate different market cycles.”

The Money Market Fund will invest exclusively in high quality fixed income instruments issued by rated or listed banks, finance companies, corporates as well as Treasury instruments. The Asia Securities Money Market Fund is recommended for investors with low-risk tolerance who prefer to maintain high levels of liquidity while seeking higher interest yields. The Fund will be accessible to resident and non-resident, individual and institutional investors.

Building and actively managing a fixed income portfolio is not for everyone. Asia Securities Wealth Management will take this load off investors’ hands by offering professional fund management services. Asia Securities’ highly experienced fund managers actively seek new investment opportunities, maintain close oversight and risk management on current investments, and continuously refine the investment strategy with ever changing market dynamics to help investors stay ahead of the curve.

Over the past 30 years, Asia Securities, led by a management team with an aggregate of 100+ years of local and international experience, has and continues to place Integrity and Trust at the center of all business conduct, while putting its clients first. Reflective of the firm’s commitment to delivering value to clients, Asia Securities has received several accolades. The equity brokerage team ranked in the top three in turnover in the year 2019 and the year to date, while the Asia Securities research team has been recognized as the best stock broking research team by the CFA Society of Sri Lanka in two of the last three years. The investment banking arm of the firm has advised clients on some of the largest Mergers and Acquisitions (M&A) transactions in recent years, and also provides debt financing services to corporates and financial institutions. (Asia Securities)



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People’s Bank celebrates 75 years of Independence by offering gifts to newborns

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People’s Bank celebrated Sri Lanka’s 75thNational Independence at a modest ceremony held at their Head Office which was followed by a series of island wide initiatives.People’s Bank’s ‘Birth of Freedom’ programme which commences on every Independence Day was carried out this year as well. Under this concept, People’s Bank gifts Rs.2,000/- worth of an ‘IsuruUdana’ Gift Certificate to every baby born between the 1st and 14th of February.

People’s Bank launched this programme in 2006 with the vision of instilling national pride and encouraging parents to plan for their children’s future. Parents can open an ‘Isuru Udana’ Children’s Savings Account at any People’s Bank Branch using the Gift Certificate.

Director of the Castle Street Maternity Hospital Dr. Ajith Danthanarayana, Director of De Soysa Hospital for Women in Borella Dr. Pradeep Wijesinghe, People’s Bank Senior Deputy General Manager (TB & OCS) Rohan Pathirage, Deputy General Manager (Retail Banking) Renuka Jayasinghe, Deputy General Manager (Strategic Planning, Performance Management & Research) Jayanthi Kurukulasooriya, Deputy General Manager (Risk Management) Roshini Wijerathna, Deputy General Manager (Banking Support Services) Nipunika Wijayaratne, Deputy General Manager (Channel Management) T.M.W Chandrakumara, Head of Marketing Nalaka Wijayawardana, Assistant General Manager (Retail Banking) Nalin Pathiranage, Assistant General Manager (Human Resources) Manjula Dissanayake, Colombo North Regional Manager S.L.M.A.S Samarathunga, Colombo South Regional Manager M.S Kanakka Hewage, Borella Branch Manager W.A.N Udayangani, Town Hall Branch Manager Tiral Pradeep, Deputy Director of De Soysa Hospital for Women in Borella, Dr. K.M Nihal, Administrative Officer of Castle Street Hospital for Women S.M.T.A.R. Bandara, Nursing officers along with hospital staff were also present at the event.In line with the above all People’s Bank branches across the country initiated ‘Nidahase Upatha’ activities island wide.

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Norlanka Manufacturing Trincomalee receives LEED Gold Certification

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Norlanka Manufacturing Trincomalee was recently awarded the prestigious LEED Gold Certification (Leadership in Energy and Environmental Design).Norlanka, one of Sri Lanka’s largest sustainable exporters of baby and kidswear, has an extensive ESG (Environmental/Social/Governance) strategy and understands the responsibility it has concerning the future of a sustainable apparel industry. Therefore, ethical sourcing, in particular working with responsible supply chain partners has been a critical operational necessity.

The LEED certification is a globally recognized symbol of sustainability achievement, and it is backed by an entire industry of committed organizations and individuals paving the way for market transformation. It’s awarded for projects that have earned points by adhering to prerequisites and credits that address carbon, energy, water, waste, transportation, materials, health and indoor environmental quality. Buildings consume energy and resources at an alarming rate, therefore the LEED rating system is the most widely used green building rating system, as it provides a framework for healthy, efficient, carbon and cost-saving green buildings.

LEED takes multiple areas into account with varying sub-criteria when certifying a building such as location, transportation, sustainability of the site, construction, water efficiency, energy and atmosphere, materials and resource, waste management, indoor environment quality, innovations and more.

Chief Innovation Officer of Norlanka, Buddhi Paranamana stated, “This LEED Gold certification is a testament to our constant drive to improve our sustainability efforts. This award marks yet another milestone in Norlanka’s journey towards becoming carbon neutral by 2025. Since 2010 we’ve constantly been learning how to do things in a more sustainable way. I would like to congratulate our team for obtaining this certification. It showcases dedication towards achieving sustainable excellence while achieving our goals and providing customers with high-quality products.”

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SL bondholders ready for debt restructuring talks with authorities– with conditions

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Sri Lanka’s bondholders have told the International Monetary Fund (IMF) that they are prepared to engage with Sri Lankan authorities in debt restructuring talks consistent with the parameters of the global lender’s program.The Ad Hoc Group of Sri Lanka bondholders conveyed its stance in a letter directed to IMF Managing Director Kristalina Georgieva on Friday (Feb. 03).

“The Bondholder Group through its Steering Committee stands ready to engage quickly and effectively with the Sri Lankan authorities to design and implement restructuring terms that would help Sri Lanka restore debt sustainability and allow the country to re-gain access to the international capital markets during the IMF Programme period.”

The Bondholder Group acknowledged the Sri Lankan authorities’ engagement with their official creditors towards a resolution of the current crisis and restoration of debt sustainability.

The Bondholder Group further acknowledged that such engagement has recently resulted in the Indian government delivering letters of financing assurances to the IMF, committing to support Sri Lanka and contribute to its efforts to restore debt sustainability by providing debt relief and financing consistent with the IMF Extended Fund Facility Arrangement and the IMF Programme targets indicated in the India’s letter to the global lender.

Sri Lanka Bondholder Group Letter to IMF stated:

Based on the limited information available to us at this time, including information contained in the India Letter, we understand that the IMF Programme’s debt sustainability targets are identified as (i) reducing the ratio of public debt to GDP to 95% by 2032, (ii) limiting the central government’s annual gross financing needs to GDP ratio to 13% in the period between 2027 and 2032, and central government annual foreign currency debt service at 4.5% of GDP in every year between 2027 and 2032 and (iii) closing of the external financing gap.

The Bondholder Group hereby confirms it is prepared to engage, through its Steering Committee, with the Sri Lankan authorities in restructuring negotiations consistent with the parameters of an IMF Programme and the targets specified therein (the “IMF Programme Targets”), which the Bondholder Group understands to be the targets identified in the India Letter; it being recognized that these negotiations will necessarily be further informed by the receipt of the forthcoming DSA. We would note that the finalization of an agreement will also be subject to the satisfaction of the following conditions:

The central government’s domestic debt – defined as debt governed by local law – is reorganized in a manner that both ensures debt sustainability and safeguards financial stability. Assuming that annual gross financing needs should not exceed 13% of GDP in the period between 2027 and 2032, whilst allowing for central government annual foreign currency debt service to reach 4.5% of GDP in every year between 2027 and 2032, domestic gross financing should therefore be limited at 8.5% of GDP for the period 2027-2032.

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