Senkadagala Finance PLC yesterday acquired Candor Asset Management, a unit trust and asset management firm, from Eagle Proprietary Investments Limited (EPIL), the Dubai-based financial investment arm of National Industries Group (NIG), according to a filing to the Colombo Stock Exchange (CSE).
EPIL sold its entire shareholding in Candor Asset Management to Senkadagala Finance PLC, for Rs.26.7 million.
Candor Asset Management is licensed and regulated by the Securities Exchange Commission (SEC), to mange unit trust funds and private portfolios, inclusive of both covenantal and Shariah-compliant funds. The firm said that no changes would be made to the current investment strategies in effect. Further, Ravi Abeysuriya will continue to serve as a board director of Candor Asset Management.
The firm manages the five-year close-ended unit trust fund, Candor Opportunities Fund, listed on the CSE. The fund had Rs.445.4 million worth of net assets attributable to unit holders at end-2019, from Rs.466 million a year earlier.
In addition, the firm also has four other funds—Amana Candor Shariah Balanced Fund, Candor Money Market Fund, Candor Growth Fund and Amana Candor Shariah Income Fund
Eagle Investments in 2013 acquired the Heraymila Capital (Pvt.) Limited firm and rebranded it as Candor Asset Management. Further, it also acquired the stock brokerage firm Heraymila Securities Limited.