Unit Trust leader Ceybank launches gilt-edge fund Surakum for risk-averse investors

Ceybank Asset Managemnt Ltd., the largest unit trust Fund Manager yesterday launched its latest Fund the “Ceybank Surakum” which it said is an ideal opportunity for risk-averse first timers and small investors.

Given its character of being a gilt edge fund Surakum provides capital protection in addition to enjoying income.

Units in the open-ended fund Surakum is priced at Rs. 10 each whilst the minimum investment is Rs. 10,000. The special subscription is open until 8 December.

The Fund will pay two dividends a year during the months of January and July, with the first dividend being paid in July 2011.  Dividends from investments are currently Tax Free adding a further benefit to the investor. Investments are easily encashable at the prevailing market price.

The Fund is the fifth Fund launched by Ceybank Asset Management (Pvt) Ltd (CAML) and extends the spectrum of Funds in the company’s portfolio of Funds. Trustees of Surakum is savings giant NSB.

While CAML currently manages a gilt edge Fund, this is not open to the Public as it is a close ended Fund.  With the launch of “Ceybank Surakum” the public can now invest in Government securities such as Treasury bills and Bonds easily through the Fund.

“We welcome the positive steps the Government has taken through the budget to promote unit trust and are glad to respond by launching this Fund, which will increase the much need saving in the country, while providing investors with a viable and secure investment opportunity,” CAML Chairman K.L. Hewage said.

“Unit Trusts are the ideal vehicle to reach the small investor. This is only the beginning of a process to bring the capital markets and money markets to investors across the country,” CAML Chief Executive Officer Chitra Sathkumara said.

“Our range of Funds also gives us an opportunity to offer investors different solutions in keeping with their needs. Investors in “Ceybank Surakum” have the flexibility of switching their investments among the Funds managed by CAML,” he added.

CAML also manages Ceybank Unit Trust, a balanced fund and the largest unit trust Fund in the country, Ceybank Century, an Equity Growth Fund, Ceybank Savings Plus Money Market Fund, which are open to the public and provides the much needed choice to the varied investors and risk return profiles.

Ceybank Asset Management (Pvt) Ltd. is fortunate to have strong financial giants as their shareholders. The Bank of Ceylon being the principal shareholder and the Sri Lanka Insurance Corporation, Carson Cumberbatch Plc and Unit Trust of India are the other shareholders.

Bank of Ceylon Chairman Dr Gamini Wickemasinghe was the Chief Guest at the launch whilst SEC Chairman Indrani Sugathadasa was the guest of honour.