SICO Funds Company, a wholly-owned subsidiary of Securities and Investment Company (SICO), yesterday signed a listing agreement with the Bahrain Stock Exchange (BSE) for SICO Money Market Fund on the Bahrain bourse.
Fouad Rashid, Director of BSE and Najla Al Shirawi, Chief Operating Officer of SICO Funds Company, signed the agreement.
"The listing goes in line with the increasing interest in funds which are considered as one of the alternatives that provide investors with more diverse investment opportunities," said Fouad Rashid.
"BSE continuously seeks to enhance the exchange's image as a regional centre for the listing of mutual funds, going along with the advantages provided by the legislative, advanced infrastructure which is capable of issuing and listing various financial and investment instruments," he added.
"SICO is pleased to have been able to list the first locally-managed money market fund of its kind to be offered by a Bahraini fund manager.
The fund will serve as a strong selling point for investors looking for a safe and liquid investment," said Najla Al Shirawi while commenting on the listing of the fund.
The fund aims to provide investors with higher returns compared to bank deposits while offering weekly liquidity. The fund will invest in 'investment grade' money market instruments, such as GCC government bills and notes, corporate paper, and domestic banks' term deposits, capitalising on movements in the short-term yield curve.
The fund was established on November 5, 2009. The size of the fund is $20 million, while its par value is $10 per unit and its net asset value per unit as 12 August 2010 was $10.031. The SICO Money Market Fund is an open-ended fund with a minimum investment of $100,000.
With the listing of SICO Money Market Fund, the number of mutual funds listed on BSE reached a total of 36 funds.
By Mahmood Rafique
© Bahrain Tribune 2010
