KARACHI, June 3: The United Asset Management Company Ltd. (UAMC) on Monday announced formation of United Money Market Fund (UMMF), the first ever open-end money market fund to be launched in the country.

The launch of UMMF heralds the beginning of the money market fund industry in Pakistan, which is fairly well established globally.

Developed by Investment Banking Group of United Bank Limited (UBL) and managed by UAMC, the UMMF is the latest addition to the product range of UBL that will bring a unique added value to the investors.

Aimed at individuals and corporations alike, its objective is to provide income and liquidity, while maintaining a high level of safety.

It will invest primarily in the government securities and rated corporate debt.

Its medium-term investments would enable the fund to earn higher returns and would provide opportunities for capital appreciation whereas the short-term investments would assist in meeting liquidity and redemption requirements.—PPI