PRIMUS Investment Management launches PRIMUS Daily Reserve Fund
PRIMUS Investment Management Limited, wholly owned subsidiary of Pak Brunei Investment Company Limited, has launched its second open-end money market fund, namely PRIMUS Daily Reserve Fund (PRIMUS DRF) rated AA+(f) by Pakistan Credit Rating Agency Limited (PACRA).
The CEO, Ahmed Ateeq, elaborated at the event of launch that primary aim of the fund is to provide retail and small investors with an investment avenue that yields high returns, constitutes low risk and to maximize current income consistent with preservation of capital and liquidity. However, he clarified, that this fund also extends its services to SME’s, Employee Benefit & Pension Funds, Corporate and Financial Institutions. The salient feature of PRIMUS DRF is its management fee of 45bps. The fund entails no additional costs and investors may invest with as less as PKR 5,000/- without any restrictions on minimum holding period. Other key features of the fund are; virtually no risk, higher tax adjusted returns, high investment standards and highly liquid investment.
PRIMUS Daily Reserve Fund is launched and managed by PRIMUS Investment Management Limited. The AMC was incorporated as a public limited, unlisted Non-Banking Finance Company and has acquired licenses to provide quality Investment Advisory and Asset Management Services under NBFC Rules, 2008 from Securities & Exchange Commission of Pakistan, dated 23rd December 2011. The Company is a wholly owned subsidiary of Pak Brunei Investment Company (PBIC). PBIC has an equity base of PKR 7.99 billion (as of 31st December, 2012). The company is a 50:50 joint venture between the Government of Pakistan and Brunei Investment Agency; the sovereign wealth fund of Brunei Darussalam. Since its inception, PBIC has firmly established itself as a leading player in the financial market.