Bahana launched two mutual funds

Bahana launched two mutual funds

JAKARTA (JP): Bahana TCW Investment Management launched two
open-end mutual funds --- Bahana Dana Selaras (BDS) and Bahana
Dana Infrastruktur (BDI) --- yesterday on the domestic market.

Bahana's spokesperson Bowo W Rahardjo said the BDI and BDS
funds would each offer one billion units and expected to raise Rp
1 trillion (US$416.66 million) respectively.

He said the BDS fund had raised about Rp 78.5 billion from
sponsors and the BDI fund about Rp 35 billion from different
sponsors.

BDS sponsors include state-owned PT Bahana Pembinaan Usaha
Indonesia and the pension funds of several other state companies
including PT Aneka Tambang, Bank Negara Indonesia, PT Krakatau
Steel, state-electricity PLN, PT Pos Indonesia and PT Pelabuhan
Indonesia I.

BDI fund sponsors are PT Bahana Pembangunan Usaha Indonesia
and the pension funds of several state firms including Bank
Indonesia, Krakatau Steel, PT Asuransi Jiwasraya, Asuransi Jasa
Tania and Indolife Pensiontama.

Bowo said BDS and BDI would be invested in mixed investment
instruments.

He said 50 percent of the BDS fund would be invested in
equity, 45 percent in bonds and 5 percent in money market
instruments.

About 70 percent of the BDI fund would be invested in equity,
25 percent in bonds and 5 percent in money market instruments, he
said.

Bahana's statement said the initial minimum investment for
each fund would be Rp 100,000 while the maximum investment would
be Rp 10 billion.

"The Rp 10 billion is equivalent to one percent of the total
funds to be collected," Bowo said.

He said the two funds' selling fee would be one percent while
the redemption fee would range 0.0 percent to 1.5 percent.

"If investors sell their units within a year, the redemption
fee is 1.5 percent," he said, adding that if investors sold after
a year, they would be exempted from the redemption fee.

PT Bahana TCW Investment Company is a joint venture company of
state-owned PT Bahana Pembinaan Usaha Indonesia and TCW Capital
Investment Corporation of the United States.

The firm had managed funds of Rp 550 billion as of the end of
April 1997.

With the new open-end funds on offer, Bahana TCW has managed
four open-end mutual funds including Bahana Dana Abadi and Bahana
Dana Prima which were launched last year. (09)