Labuan 20/03/2002 : A well-established Anglo-Dutch banking organization- Insinger de Beaufort will take the lead as the first international asset manager to be involved in the Labuan International Financial Exchange (LFX).

The Group will list a range of five “Insinger” open-ended funds on the Exchange this Tuesday March 26th., and this will be followed by the official opening of its office in Kuala Lumpur on March 28th.

A statement issued by the company said the move comes about following the partial relaxation in exchange controls by Bank Negara Malaysia, allowing domestic Malaysian fund managers and unit trust companies to invest up to US5 million each through the LFX.

The funds planned for secondary listing are: Insinger de Beaufort Multi-Manager Asia Ex-Japan, Insinger de Beaufort Multi-Manager Balanced Class A shares, Insinger de Beaufort Multi-Manager Equity Class A Shares, Insinger de Beaufort European Bond Class B Shares and Insinger de Beaufort Zeus (OS) Fund.

The listing of the funds is intended to provide domestic Malaysian fund Managers the opportunity to gain valuable diversification to international equity, bond and hedge markets. The statement added that four of the funds were constructed in multi-manager format- utilising the best managers worldwide in each geographical region, asset type and investment style. The fifth is managed by Insinger de Beaufort and provides exposure to European bond markets.

The listing will be promoted by Insinger and the LFX.

The company’s group managing director, based in Hong Kong, Baron Federick van Tuyll van Serooskerben, said that the group was delighted to list such a comprehensive range of funds in Labuan and felt confident that Malaysian fund managers will find the offering provided through the global diversification would enhance their own fund performance whilst reducing volatility.

He added, “Our trust and fiduciary operations in Labuan have been growing strongly for several years and these listings not only increase the range of financial services we offer regionally but also facilitate valuable technology transfer into Labuan.”

Insinger has offices in 19 countries, and its parent company- Insinger de Beaufort Holdings S.A. is listed on the Luxembourg Stock Exchange.