GAAM now manages over Rs. 5 bln in assets
View(s):Guardian Acuity Asset Management Ltd, which manages three unit trusts, passed an important milestone in its short history when it crossed the Rs. 5 billion mark in assets under management (AUM) in early October this year.
Guardian Acuity Asset Management Ltd (GAAM) is a joint venture between Acuity Partners (Pvt) Ltd and Ceylon Guardian Investment Trust PLC.
Ceylon Guardian Investment Trust PLC manages over Rs. 33 billion in assets and is a listed subsidiary of the diversified conglomerate Carson Cumberbatch PLC. Acuity Partners (Pvt) Ltd is the joint venture Investment Bank promoted by banking giants Hatton National Bank PLC and DFCC Bank PLC, according to a GAMM media release.
GAAM launched its gilt edged money market fund in March 2015 building on the success of its equity fund and its fixed income fund, which have been in operation since 2012. The firm’s equity fund has, up to September, returned 3.29 per cent to its unit holders in an year when the All Share Index of the Colombo Stock Exchange has declined 3.4 per cent in the same period.
Mohandas Thangarajah, GAMM General Manager said that he has a small but dedicated team that offers personalised solutions “to all our clients and continuously seeks to improve on service quality. Without our clientele and my team this would have not been possible”.
Ms. Ruvini Fernando, CEO of Guardian Fund Management, stated that “The unit trust industry is at a critical stage in its development in this country. In an environment where affluence is increasing and savers are transforming into savvy investors, the accessibility of capital markets products adds variety and depth to people’s investment choices. We look forward to continued policy level support for the industry in the light of the need for better retirement savings products for our ageing population”.