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)