Bank Muscat Money Market Fund registers robust performance by end of Q2 2024
Muscat: Bank Muscat Money Market Fund, Oman’s first money market fund, has accomplished a momentous milestone with its assets under management (AUM) crossing OMR155 million mark as on 2nd July 2024, recording AUM growth of over 170 percent during 2024. The Fund continues to retain its top position as the largest open-ended mutual fund in Oman.
At the end of Q2 2024, the Fund registered strong performance with net annualised return of 5.35 percent. The superior performance and growth in the Fund’s AUM are a testimony of the continued patronage of its investors. The Fund continues to generate attractive returns higher than the typical alternatives available for short to medium term investment with relatively lower risk.
Investors can subscribe to the Fund with a minimum subscription amount as low as OMR500 per transaction for both individuals and institutional investors. Further, the Fund does not charge any subscription or redemption fees.
The Fund provides daily liquidity to its investors and the flexibility to redeem their investments quickly and conveniently. This ensures that Bank Muscat Money Market Fund investors have access to their funds as and when they need it. Further, investors have the flexibility to withdraw their investments, fully or partially, together with the returns and the total redemption proceeds are credited back into investors’ bank account within two business days from the date of submission of the redemption request.
Bank Muscat Money Market Fund predominately invests in deposits and fixed-income instruments of leading financial institutions in Oman and the GCC region and its investments are primarily held in Omani Rials and US Dollars.
Investors can track the performance of the Fund by referring to the Net Asset Value (NAV) of the Fund which is published on a daily basis on Bank Muscat and Muscat Stock Exchange websites. Furthermore, all investors receive a monthly factsheet detailing the Fund’s performance.
Subscriptions and redemptions are available through Bank Muscat’s Internet Banking and Mobile Banking (IBMB) platforms. Alternatively, physical forms can be downloaded from Bank Muscat’s website www.bankmuscat.com.
Furthermore, for corporate investors the Fund provides the added facility of convenient sweep-in and sweep-out from their bank accounts with Bank Muscat, which enables transactions in the Fund (i.e. subscription or redemption), through an email instruction to the Fund’s designated team.
Bank Muscat’s Asset Management business has a proven track record of successful operations for almost 30 years, and today the business is the largest asset manager in Oman and one of the leading asset managers in the GCC region, with approximately $3 billion of AUM. It offers tailored investment solutions across various asset classes including equity, fixed income, real estate and private equity investments.
