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The head of the company that manages the world’s first fund denominated solely in patacas, which will be launched today, told Lusa that he hopes to increase local financial literacy and strengthen the pataca as an investment currency.
More than two decades after the approval of Macau’s law governing the formation and operation of investment funds, Bernardo Tavares Alves, founder and president of A&P Sociedade Gestora de Fundos de Investimento, has established Macau’s first public fund.
The official explained that the A&P Macau Pataca Treasury Fund is an “open-ended public fund” whose investment objective is to “invest in high-quality money market instruments and short-term bank deposits.”
“A&P came to Macau to try to redefine capital relations. We have to develop this market because the government says we have to diversify the economy, and in the financial system, this part of capital has not really been touched,” he added.
Look at the national standard
The goal of the project is to kick-start the fund industry and “strengthen the status of the pataca as a local currency, as a regional currency in the Greater Bay Area”. “The Hong Kong dollar is a strong international currency and is also widely used in the Greater Bay Area. It is time for Macau to have its own investment currency (…) In Macau, our salaries are all in patacas, but investments must always be in Hong Kong dollars, and this is what I want to try to break”, he said.
He also said the new financial instrument was “the most basic fund in terms of investment” and was aimed at “ordinary people” in the Macao Special Administrative Region, whose financial literacy level was still “quite low”.
“This might be an ideal fund to launch first so that people understand what the fund is or how the fund can change the dynamics of Macau’s financial system,” he explained.
The A&P Macau Pataca Treasury Fund is currently only available at the Bank of China in Macau, which is also a deposit-taking institution, i.e. the institution responsible for supervising customer funds.
“tomorrow [hoje] Banks have begun explaining to clients the existence of the fund, which is three weeks into its initial public offering (IPO). [sigla inglesa para Oferta Pública Inicial]where we as managers do not touch the funds, so they raise money and 24 days or three weeks later the funds start investing and they start operating ”, said Bernardo Tavares Alves.
He also declared that the idea going forward is to “try to launch a fund every year in the next three years.” The company plans to have a bond fund and an equity fund that invest in public debt securities and stock exchanges, respectively.
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