Makindo's mutual funds

Makindo's mutual funds

JAKARTA (JP): PT Makindo Securities's investment arm Intru
Nusantra launched an open-end mutual fund into the domestic
capital market yesterday.

The firm's managing director, Gunawan Jusuf, said the company
expected to generate about Rp 1 trillion (US$422 million) from
the fund, named Garuda Satu, within two years.

He said PT Intru Nusantara, the fund's management company had
secured Rp 220 billion from the public for the funds so far.

He said about 60 percent of the Rp 1 trillion to be raised
through the Garuda Satu fund would be invested in fixed income
instruments and the remaining 40 percent in equity markets.

The new fund brings the number of funds in the local market to
26. They are capitalized at about Rp 2.4 trillion.

Gunawan said the Garuda fund would be offered to foreign and
domestic investors. (09)