A Rs 5,000 worth Softlogic Money Market Fund account for every newborn at an Asiri Hospital
February 3, 2021: The Asset Management arm of the Softlogic Group, Softlogic Asset Management Pvt Ltd - Softlogic Invest, is pleased to announce their partnership with Asiri Hospitals to offer a novel opportunity where every newborn at any Asiri Hospital receives Rs 5,000 in a Softlogic Money Market Fund. The minor account opened for the child, with a parent acting as the guardian, will mature on reaching 18 years of age. The Softlogic Money Market Fund is a Unit Trust managed by Softlogic Asset Management Pvt Ltd which is licensed by the Securities Exchange Commission of Sri Lanka.
Compared to a traditional savings account, an investment in the Softlogic Money Market Fund is expected to grow with time as the parents and other relatives continues to make regular investments. Commenting on the new initiative, Asiri Hospitals Chief Executive Officer Dr. Manjula Karunaratne stated, “In a global atmosphere that places increasing emphasis on both health and financial security, we are delighted to execute this partnership with Softlogic Invest. This is a timely offering that brings with it numerous advantages to new parents. We are positive that this money market account will help parents to secure their child's educational future by planning and investing on a regular basis.”
A Money Market Fund provides investors with short term returns and liquidity by investing in money market securities of companies rated ‘investment grade’ (BBB- and higher) maturing in less than one year. At present, the Money Market Fund sees a significant yield of 7.98%, giving investors attractive returns compared to 12-month fixed deposit rates of banks at 5.00-5.75% and an average savings rate of 3.00 - 4.00%.
Commenting about this novel offering, Softlogic Invest Chief Executive Officer Niloo Jayatilake said, “2020 was a year none of us is likely to forget due to our world being upturned by a pandemic no one saw coming. Along with many other implications, it also forced families and individuals worldwide to realise the importance of smarter and more efficient financial planning. In such a context, we are excited to partner with Asiri Hospitals to help new parents prepare better to navigate the challenges of raising children in this new normal and stress less about preparing healthy financial futures for them. We are confident of the performance of this unique offering as it is launched into a market that is now showing signs of strong recovery due to massive global efforts being rolled out to mitigate the effects of the pandemic.”
The company has also expertly managed their portfolio duration to tackle the declining interest rates of 2020 while maintaining adequate liquidity, and credit quality at an optimum level of >83% of the portfolio is invested in ‘A category’ (including “A-“,”A” & “AA+”) instruments. Softlogic Invest's total AUM (Assets Under Management) as at 31st January 2021 of the Softlogic Money Market Fund and Equity Fund is at LKR 1.126 Billion, a strong and significant achievement that has increased their credibility in the competitive market.
The brand ‘Softlogic Invest’ represents Softlogic Asset Management Pvt Ltd which is a fully owned subsidiary of Softlogic Capital PLC and is part of the Softlogic Group, which is recognised as one of Sri Lanka's most diversified and fastest-growing conglomerates with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. The Company offers diverse capital market services to individual and corporate clients and has a highly experienced Board of Directors and Senior Management.