Jardine launches two mutual funds

Jardine launches two mutual funds

JAKARTA (JP): PT Jardine Fleming Nusantara Investment
Management (JFNIM) will launch two mutual funds in the next two
months.

JFNIM's president Simon Barclay-Brown said here yesterday that
the company expected to raise Rp 650 billion (US$270 million)
from the two funds, called Jardine Dana Obligasi and Jardine Dana
Ekuitas.

"We are still waiting for approval from the Capital Market
Supervisory Agency (Bapepam)," he told The Jakarta Post.

Jardin Dana Obligasi would be 80 percent invested in bonds and
Jardin Dana Ekuitas would be 80 percent invested in equity, he
said on the sidelines of a seminar on mutual funds held at the
University of Trisakti.

Manager of JFNIM Dino Sukendro said Jardin Dana Obligasi would
offer 400 million participating units to raise Rp 400 billion
while Jardin Dana Ekuitas would offer 250 million units to raise
Rp 250 billion.

Dino said JFNIM had collected Rp 5 billion from the promoters
of the two funds. He declined to mention the name of the
promoters but said some pension funds from major corporations had
also pledged to invest in the two mutual funds.

Head of Bapepam's mutual funds supervision, Gus Asmarajaya,
said the agency would approve seven more mutual funds by the end
of the year.

"These seven mutual funds will raise the total funds available
in the market to 70," he said.

He said there were currently 63 mutual funds in the market
managing around Rp 7.3 trillion.

He said the mutual funds in the capital market were helpful in
promoting the role of local investors in capital market
activities.

Gus said 48.5 percent of local stock exchange transactions
were now made by local investors, up from 32.6 percent in early
1995. (aly)