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Monday, 8 December 2014 00:00 - - {{hitsCtrl.values.hits}}
National Wealth Corporation (NWCL) licensed under the Securities and Exchange Commission is fully owned by the Mahapola Higher Education Scholarship Trust Fund (MHESTF). Their subsidiary NatWealth Securities Limited (NWSL) is a Central Bank appointed Primary Dealer in Government Securities.
Established to safeguard and maximise returns for the Mahapola Trust Fund at minimal risk, National Wealth Corporation, also known as NatWealth has placed their confidence in banking professional Gihan, who counts 15 years’ experience, most of it at NDB Bank PLC. During his tenure at NDB, Gihan took a lead in developing disciplines from Finance, Treasury Operations, Corporate Banking, Credit Administration and Risk Management.
In a career spanning Financial Services and Retail industry, working for a public quoted bank, diversified conglomerates and investment holding groups, Gihan has acquired required credentials to head one of the country’s financial services organisation.
He is also a Chartered Global Management Accountant, an Associate member of the Institute of Certified Management Accountants (SL), as well as an Associate member of the Institute of Certified Professional Managers (SL). His Alma Mater is St.Thomas’ College Mount Lavinia.
The Mahapola Trust Fund was established by the Mahapola Higher Education Scholarship Trust Act No. 66 of 1981 to create ‘an educated society with the aim of alleviating poverty’ through providing scholarships to the underprivileged youth to complete their higher education.
In 2003 NWCL was established to bring in private sector expertise and efficiency in the fields of Asset Management, Corporate Restructuring and Treasury Management. NWSL was formed in the same year, as a subsidiary of NWCL. The company manages funds other than the Mahapola Funds, for investors being the government, private sector and high net worth individuals.
With the intention of further strengthening the stability and to become a premier organisation in Sri Lanka, NatWealth Group is building a new trading arm focusing on the debt trading industry, which will enhance the Rs. 13 billion funds the group manages at present.
Despite the setbacks faced by many countries after the global financial downturn, Sri Lanka is one of the emerging investment destinations. The country’s inflation rate, as well as the year-on-year inflation is continuing to decline, with the trading deficit declining to Rs. 774 billion as at 30 September 2014.
Given the positive factors affecting the economy and the low borrowing nature of the Central Bank, the treasury yields have dropped. Rates are expected to remain at the existing levels with slight dealer speculation deviations that are prevalent in any market.
With the rapid expansion and exponential growth in the Sri Lankan economy, the capital market is also expected to demonstrate its growth momentum. Due to this, the financial institutions in Sri Lanka have to play a major role towards development and to take the industry to greater heights.
NWCL is currently managing the MHESTF, which has grown over a decade from Rs. 3 billion to Rs. 8.7 billion. The fund value, after the withdrawal/payment of Rs. 2.2 billion as scholarships to undergraduates, stood at Rs. 6.5 billion.
The current Shareholders’ Funds stand at Rs. 966 million for NWSL and Rs. 530 million for NWCL and the overall net profit before tax during the first nine months of this year for the NatWealth Group stands at over Rs. 560 million.
Following various structural changes in the organisation and the business oriented staff at NatWealth Group, operations are carried out with a high level of professionalism. Their wealth of knowledge, skills and market expertise are one of the best when it comes to financial decisions and market making. NWSL will analyse and identify market trends and diversify their industry focus to various business lines to deal with market volatilities and the demanding customer base.
Integrity, professionalism, ethics together with corporate governance are prime concerns in running the business. The business operations are carried out in compliance with regulatory authorities and internal policies and procedures of the company. They ensure a high degree of transparency in their business activities and credibility is of paramount importance, when they deal in Government Securities.
