CFA Society Sri Lanka Capital Market Awards next week
View(s):The 10th annual CFA Society Sri Lanka Capital Market Awards is scheduled for June 21 to be held in Colombo.
The Best Unit Trust Fund Award is one of the five major accolades presented at the CFA Society Sri Lanka Capital Market Awards. Its objective is to recognise and reward fund management companies that place unit-holders’ interests first, promote better compliance and transparency for investors, and encourage the adoption of best practices in asset management. The title of Best Unit Trust Fund was conferred upon the Senfin Money Market Fund at the 2022 awards.
Senfin Money Market Fund’s triumph at the 2022 awards was primarily attributed to it adopting a minimal risk strategy due to the very challenging and risky macroeconomic conditions at the time. Additionally, the unit trust has a set of strict guidelines internally (over and above Securities and Exchange Commission of Sri Lanka (SEC) guidelines) on limiting investment exposure to any one group or group of companies, thereby mitigating concentration/single entity risk.
Over the past decade, the unit trust industry has witnessed notable changes, with the use of technology taking precedence in its more recent evolution. Although the unit trust industry may have lagged behind the rest of the capital markets industry with many of its functions being paper-based, the COVID-19 pandemic compelled it to move to online platforms. Therefore, clients are now able to carry out a multitude of tasks, ranging from opening accounts to redemptions and transfers, online, the Society said in a media release.
The types of funds have also grown over the last 10 years. In the past, unit trusts were focused mainly on equity-based funds with some money market funds, but today, there is a wide range of funds including index, income and gilt varieties.
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