Sico, BSE sign deal to list major fund
Manama, August 19, 2010
Bahrain-based Securities and Investment Company (Sico) has signed an agreement with the Bahrain Stock Exchange (BSE) to list its Sico Money Market Fund.
BSE director Fouad Rashid said this listing is in line with the increasing interest in funds which are considered one of the alternatives that provide investors with more diverse investment opportunities.
"BSE continuously seeks to enhance its 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 financial and investment instruments," said Rashid.
"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," said Najla Al Shirawi, Sico chief operating officer.
"The fund will serve as a strong selling point for investors looking for a safe and liquid investment," she added.
The fund aims to provide investors with higher returns compared to bank deposits while offering weekly liquidity.
It 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.
Established in November, it is a $20 million 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 36. – TradeArabia News Service