Indovest offers new funds

JAKARTA (JP): PT Indovest Securities, a Bank Indovest subsidiary, has launched an open-end mutual fund into the domestic capital market.

The company said yesterday it expected to generate about Rp 1 trillion (US$415.8 million) from the fund which is named Reksadana Indovest Dana Obligasi (RIDO) by the end of 2000.

Between 55 percent and 95 percent of the money raised will be invested in fixed-income instruments like bonds.

The mutual fund was sponsored by 11 banks, insurance firms, foundations, and securities with a Rp 125.5 billion investment.

The RIDO fund is the 26th launched since the introduction of open-end mutual funds last year. (02)