First National Obtains License to Operate its First Fund Product

The Capital Market Development Authority (CMDA) has issued fund registration to First National Money Market and Savings Fund Private Limited on 28th February 2022, which is the first fund product of First National.

Marketed as First National Money Market and Savings Fund, is a close-ended investment fund, registered with CMDA in compliance with the regulatory requirements under Regulations on Registration and Management of Investment Funds: Regulation no: 2015/R-57.

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Speaking to Corporate Maldives, Hassan Mohamed, Managing Director of Money Market and Savings Fund, said that “Through our fund, investors can earn attractive risk-adjusted returns. Our Money Market and Savings Fund product will be an attractive alternative for people, families and businesses to preserve and grow their savings.”

As the Investment Adviser of the fund, First National will administer and manage the fund. It is expected that the fund will generate returns in excess of 5% per annum for the investors. 

The fund primarily will invest in a portfolio of government securities to ensure repayment guarantees to investors. The funds investments will be restricted to instruments with maturities of less than one year.

As a return enhancement strategy, the fund may invest in securities that are of good credit quality based on the First National’s internal rating framework, according to Chief Investment Officer, Abdul Haleem Abdul Latheef of First National. 

Further, Hassan Mohamed, Managing Director of the fund, acknowledged the continued support from policymakers, industry regulators and well-wishers in making this a reality within a very short span of time. 

The Managing Director informed Corporate Maldives that First National Money Market and Savings Fund will be open for subscription soon. 

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