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)