GTF plans to launch four mutual funds<\/p>\n
JAKARTA (JP): BDNI group's GTF Indonesia Asset Management
\nplans to launch four open-end mutual funds to raise about Rp 3
\ntrillion (US$1.25 billion) from the public later this month.<\/p>\n
GTF Indonesia Asset Management's president, Kamardy Arif, said
\nyesterday it was waiting for Capital Market Supervisory Agency
\napproval to offer the funds.<\/p>\n
"We expect to get the approval within the week," he said on
\nthe sidelines of Bank Dagang Nasional Indonesia's (BDNI)
\nshareholders' meeting.<\/p>\n
Kamardy Arif, who is a former Bank Rakyat Indonesia (BRI)
\npresident, declined to name the new open-end funds.<\/p>\n
Its 50 existing mutual funds have raised about Rp 6 trillion
\n($2.5 billion) from about 8,000 investors.<\/p>\n
"The figures are remarkable but still small compared to those
\nin developed countries," said the agency's chairman, I Putu Gede
\nAry Suta.<\/p>\n
He told Kompas over the weekend that there were at least 1,450
\nmutual funds in Britain and about 7,650 mutual funds in the
\nUnited States.<\/p>\n
He said mutual funds, introduced here less than two years ago,
\nhad helped boost local investors' participation in the equity
\nmarket.<\/p>\n
He said local investors once accounted for about 30 percent of
\ntotal daily trading transactions in the capital market, but now
\naccounted for about 51 percent.<\/p>\n
Before, almost 70 percent were made by foreign investors, he
\nsaid.<\/p>\n
Putu said more mutual funds would benefit investors as they
\nwere offered with more investment alternatives.<\/p>\n
And more mutual funds would increase the professionalism of
\ninvestment management companies, he said.<\/p>\n
Seventeen more open-end mutual funds are to be approved by
\nagency. (09)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/gtf-plans-to-launch-four-mutual-funds-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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