First Capital Money Plus Fund launches IPO

Wednesday, 27 March 2024 03:04 - - {{hitsCtrl.values.hits}}

First Capital Asset Management a subsidiary of First Capital Holdings, yesterday announced the Initial Public Offering (IPO) of its ground-breaking investment product, the “First Capital Money Plus Fund.”

This marks a significant milestone in Sri Lanka’s investment landscape as it introduces the first-ever ATM access provided through a Unit Trust fund in the country.

In collaboration with Hatton National Bank, the First Capital Money Plus Fund offers investors unparalleled convenience and instant access to their funds. The ATM withdrawal and digital payments are enabled through a debit card issued by Hatton National Bank. First Capital Money Plus Fund holders can seamlessly access funds through ATMs, and conduct online payments, making investment management more accessible and efficient.

Furthermore, the First Capital Money Plus Fund is an open-ended money market Unit Trust Fund structured to invest in financial instruments that yields attractive returns. This strategic focus ensures that the fund aims to deliver attractive returns to its participants, surpassing the typical returns of conventional savings instruments.

First Capital Asset Management Executive Vice President Kavin Karunamurthy underlined the company’s dedication to innovation and excellence within the capital markets. “First Capital has consistently led the way in revolutionizing Sri Lanka’s capital markets. Through the introduction of the Money Plus Fund, we are introducing a ground-breaking solution that offers easy access to funds with attractive returns, in line with our brand commitment of ‘Performance First’. We welcome the public to participate in this transformative opportunity,” he said.

First Capital MD/CEO Dilshan Wirasekara said: “This marks a significant milestone and a major leap forward in the investment landscape, particularly in the Unit Trust market in our country. With our Money Plus Fund, we’ve developed a product accessible to everyone, aiming to foster financial inclusivity in Sri Lanka’s capital markets. By offering easy and efficient fund access, we aim to provide financial freedom to our investors, a crucial step in empowering individuals. I’m enthusiastic about our decisive actions in pursuit of our vision to improve the lives of all Sri Lankans through financial solutions.”

First Capital Money Plus Fund is approved by the Securities and Exchange Commission of Sri Lanka (SEC) and is managed by First Capital Asset Management Limited, with Hatton National Bank serving as the Trustee.

Key Details of the First Capital Money Plus Fund IPO:

Fund Type: Open-ended money market unit trust fund approved by SEC; Management Fee: 0.50% p.a.; Entry/Exit Fee: NIL; Trustee Fee: 0.15% p.a.; Minimum Investment: LKR 1,000.00; Issue Price Per Unit: LKR 1,000.00; Issue Opens: 27 March 2024; Issue Closes: 15 April 2024 (2.30 pm) and Minimum Investment to Maintain ATM Facility: LKR 250,000.

First Capital Asset Management said the First Capital Money Plus Fund IPO presents a unique opportunity for investors to participate in an investment vehicle that combines convenience, accessibility, and attractive returns.