BNI forms mutual funds

BNI forms mutual funds

JAKARTA (JP): PT BNI Securities, a subsidiary of the state-
owned Bank Negara Indonesia 1946, said yesterday that it will
start operating its two newly-established open-ended mutual funds
on Oct. 30.

The two mutual funds -- BNI Reksa Dana Berkembang and BNI
Reksa Dana Berbunga -- will each issue 500 million shares, whose
per share price will be based on the initial net asset value of
Rp 1,000 (42 U.S. cents).

V.A. Dibjoseputro, BNI Securities' deputy president, told
journalists yesterday that Dana Berkembang will focus its
business in the equity market while Dana Berbunga will
concentrate in the bond market, with a minimum investment of 80
percent and 60 percent of their total portfolios respectively.

Dibjo said that BNI Securities will act as investment manager
and Bank Niaga as custodian bank of the two mutual funds.

He said that Dana Berbunga has already raised total funds of
Rp 275 billion from several sponsors, including Bank Negara
Indonesia 1946 (with an investment of Rp 150 billion), Bank
Central Asia (Rp 50 billion), Bank Bali (Rp 30 billion), BNI
Securities (Rp 15 billion), Bank Niaga (Rp 10 billion), Trias
Sentosa (Rp 10 billion) and Bank Pembangunan DKI Jakarta (Rp 5
billion).

Meanwhile, Dana Berkembang has received Rp 10 billion in funds
from two sponsors, Rp 5 billion from both BNI Securities and Dana
Pensiun BNI. (alo)