Muscat – Bank Muscat Money Market Fund, Oman’s first and only money market fund, has crossed a significant milestone with its assets under management (AUM) crossing RO75mn mark and recording asset growth of almost 70 per cent during 2022.

The fund has became the largest open-ended fund in Oman and one of the largest funds in the GCC. This growth in the fund’s assets demonstrates the growing popularity of the fund among investors, supported by its return profile and excellent service standards, Bank Muscat said in a press statement.

Bank Muscat Money Market Fund offers an opportunity for investors to invest their short-term cash surpluses at attractive rates of return. For reference, the rates of return offered by the fund has been in the range of 3.5 – 4.0 per cent per annum over the last two years (net of expenses). Thus the investors could benefit from an additional tool of liquidity management and earn attractive rates of return by investing in Bank Muscat Money Market Fund.

The fund offers daily liquidity with no minimum or maximum holding period. Investors can subscribe to the fund with a minimum subscription amount as low as RO500 per investor including individuals and institutions. Further, the fund does not charge any entry or exit fee to investors and has a proven track record of performance for more than 10 years.

Bank Muscat Money Market Fund predominately invests in short to medium term deposits and fixed-income instruments of leading banks in Oman and GCC region and its investments are primarily denominated in Omani rials and US dollars. The fund is regulated by the Capital Market Authority and is an open-ended fund with its net asset value (NAV) being published on a daily basis on the Bank Muscat website as well as the Muscat Stock Exchange website so that investors can track the value of their investments on a regular basis.

Bank Muscat’s asset management business has a proven track record of successful operations for almost 29 years and is today the largest asset manager in Oman and one of the leading asset managers in the GCC region, with approximately US$2.5bn of AUM. It offers tailored investment solutions across asset classes including equity, fixed income, real estate and private equity investments.