Financial Times

New fund to track index of top 10 listed companies
Bartleet TransCapital in a Joint Venture with East India Investment Company (EIIC) has announced plans to launch Ceylon Asset Management (CAM) to manage two mutual funds that will introduce unique tax and risk efficient investment products to investors in Sri Lanka in October. HSBC is the trustee for the two funds.

The promoters of the venture said in a statement that they are confident of Sri Lanka's future as the country emerges as one of the best performing stock markets in a new global environment and regional economic growth led by India.

The Ceylon Index Fund will offer investors an opportunity to participate in the 10 leading companies listed on the CSE, via an index selected on the basis of their size and liquidity without the added risk and return of trading and speculation.

As the stock market grows to pass the Rs. 600 billion market capitalisation mark with the increased participation of foreign investors in the giant IPOs of LIOC and Dialog, the Ceylon Index Fund will track the Index by investing in the same proportions of each company in the total Index.

The second Mutual Fund, Ceylon Income Fund will offer investors access to sovereign (government) risk investment opportunities in the Treasury Bill market. The funds are designed to offer investors minimal risk and regular income at high interest rates with minimal tax consequences. Bartleet TransCapital (Pvt) Ltd., the new financial services powerhouse that seeks to take capital-related activities to a new paradigm and across national borders, is one of Sri Lanka's pioneering financial services conglomerates. A. S. Jayawardena, former Central Bank governor, is the Chairman, with Indrajith Fernando, a leading corporate sector Chartered Accountant and current President of the Institute of Chartered Accountants of Sri Lanka (ICASL) serving as the Chief Executive Officer.

The Board of Directors of Ceylon Asset Management comprises Eraj Wijesinghe (Chairman), Mohan Tissanayagam, Romesh Jayawickrama, Michael Priess and Dulindra Fernando.

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