Muscat: The Bank Muscat Money Market Fund, Oman's inaugural money market fund, has achieved a significant milestone, with its assets under management (AUM) surpassing the OMR155 million mark as of July 2nd, 2024, marking an AUM growth of over 170 percent in the fiscal year. This achievement positions the Fund as the premier open-ended mutual fund in Oman.
By the conclusion of the second quarter of 2024, the Fund demonstrated robust performance, achieving a net annualized return of 5.35 percent. This exceptional performance and the substantial growth in the Fund's AUM underscore the continued support from its investors. The Fund continues to deliver attractive returns that exceed those typically found in short to medium-term investment options, while maintaining a relatively low risk profile.
Investors are welcome to subscribe to the Fund with a minimum investment amount as low as OMR500 per transaction, applicable to both individual and institutional investors. Additionally, the Fund does not impose any subscription or redemption fees.
The Fund ensures daily liquidity for its investors, providing them with the flexibility to redeem their investments swiftly and conveniently. This feature guarantees that investors have access to their funds as needed. Moreover, investors are afforded the option to withdraw their investments in full or in part, with the returns and the total redemption proceeds being credited back into the investors' bank accounts within two business days following the submission of the redemption request.
The Fund predominantly invests in the deposits and fixed-income securities of leading financial institutions in Oman and the GCC region, with the majority of these investments denominated in Omani Rials and US Dollars.
Investors have the opportunity to monitor the Fund's performance through the Net Asset Value (NAV), which is published daily on the websites of Bank Muscat and the Muscat Stock Exchange. Furthermore, investors receive a monthly factsheet detailing the Fund's performance.
Subscriptions and redemptions are facilitated through Bank Muscat's Internet Banking and Mobile Banking (IBMB) platforms, in addition to physical forms available on the Bank Muscat website.
For corporate investors, the Fund offers the convenience of sweep-in and sweep-out transactions from their bank accounts with Bank Muscat, which streamlines transactions related to the Fund, such as subscriptions or redemptions, through an email instruction to the Fund's designated team.
The Asset Management division of Bank Muscat boasts an extensive history of successful operations, spanning nearly three decades. Today, it stands as the largest asset manager in Oman and ranks among the leading asset managers in the GCC region, managing approximately $3 billion in assets across various asset classes, including equity, fixed income, real estate, and private equity investments.
