Promotion of mutual funds: the CFA Capital Market Awards propel the management of unitary trust funds to the fore – Adaderana Biz

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As the ninth annual CFA Capital Market Awards scheduled for June 29, 2022 approaches, the CFA Society Sri Lanka takes the opportunity to review last year’s winners.

The Best Unit Trust Fund Award is one of five major accolades presented at the CFA Capital Market Awards, to recognize and reward fund management companies that put the interests of unitholders first, promote better compliance and transparency for investors and encourage the adoption of best practices in asset management. JB Vantage Value Equity Fund has been awarded Best Unitary Trust Fund at the 2021 CFA Capital Market Awards.

Over the past decade, unit trusts have come into their own, amid improved financial literacy in the industry, better-informed fund managers and better reporting.

Christine Dias Bandaranaike, CEO and Portfolio Manager at JB Financial, comments: “Over the past 10 years there has been a much greater increase in the number of companies in the industry offering unit trusts in Sri Lanka, the number of funds available and the level of competition to deliver returns to investors.

JB Financial entered the space in 2011 and is also the first and so far only mutual fund manager in the country to be Global Investment Performance Standards (GIPS) compliant.

Dias Bandaranaike notes that the CFA Society Sri Lanka has also taken an active role in efforts to improve governance, particularly with regard to corporate reporting, disclosures and the external relationships that companies have with investors on the market.

The triumph of the JB Financial team at the CFA Capital Market Awards – three times, including in 2021 – reflects its belief that in addition to providing good returns to investors, going further in terms of transparency, governance, etc. , earned it Gold in the Best Unit Trust Fund category.

Dias Bandaranaike explains that “the annual CFA Capital Market Awards offer companies the opportunity to do some introspection, to examine what we are doing well and what we can improve; it provides those who participate with an incentive to strive to be better.

She concludes by identifying areas where the CFA can do more to improve unit trust industry standards: “Globally, mutual funds, whether in the form of unit trusts or investment, thrived because they were tied to two things: retirement savings, the industry, and some form of tax sheltering. But in Sri Lanka we have neither. This is something CFA Sri Lanka must uphold, where there is a locked retirement planning system in place.

The CFA Institute is a global association of investment professionals offering the Chartered Financial Analyst designation. Its Sri Lankan membership of over 240 members consist of CEOs, CFOs, Portfolio Managers, Equity Analysts, Banking Professionals, Investment Advisors and other senior financial practitioners .

The JB Vantage Value Equity Fund team
Seated (from left to right):
• Eshani Motha, portfolio manager
• Sonali Perera, Director of Ethics and Compliance
• Christine Dias Bandaranaike, CEO and Portfolio Manager
• Murtaza Jafferjee, Director and Portfolio Manager
• Shanuka Anjali, Manager – Operations
Middle row, standing (L – R):
• Dasun Perera, Deputy Portfolio Manager
• Sandeep Fernando, Investment Specialist
• Nishara Sangapalaarachchi, Deputy Portfolio Manager
• Shihab Zavahir, Director – Credit and Development Strategies
• Felicia Ekanayake, Assistant Fund Accountant
Back row, standing (LR):
• Shehan Siriwardana, Portfolio Assistant
• Aravinda Gunasekara, investment specialist
• Dhanushika Saubhagya, Fund Registrar
• Pavithra Karunakaran, Assistant Fund Accountant
• Kavindya Kumara, finance assistant
Absent: Jehan Fernando, investment specialist

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