CSOP launches USD Money Market Fund in Singapore

KUALA LUMPUR, July 14 (Bernama) -- The CSOP Asset Management (CSOP) has launched its third public fund, the CSOP USD Money Market Fund in Singapore on July 13.

Initially launched via retail distribution platform, Moomoo Financial Singapore Pte Ltd, a leading online broker in Singapore and Hong Kong, the fund will invest in high-quality short-term money market instruments and debt securities to provide liquidity and returns comparable to US dollar (USD) deposit rates.

“Leveraging our rich experience in managing the USD Money Market Fund in Hong Kong, CSOP is confident to introduce the first CSOP’s T+0 USD Money Market Fund to Singapore investors,” said CSOP deputy chief executive officer, Melody He in a statement.

She added that aside from the competitive returns compared to USD demand deposits, the fund also meets investors’ demand on cash management with high liquidity and diversification.

“The launch of CSOP USD Money Market Fund is a milestone of financial inclusion in Singapore and we hope it can contribute to the development of Singapore’s financial market,” she said.

According to the statement, the fund is available for subscription at a price of US$1 (US$1 = RM4.43) with the size of 1,000 shares during the initial offer period and 100 shares after the close of the initial offer period.

Following the official launch, the management fee of 0.30 per cent per annum of the Net Asset Value will be waived for the first three months.

-- BERNAMA