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)