Fund notes K54mil distribution over past 18 years

NEARLY 20,000 unit holders of the Pacific Balanced Fund (PBF) have shared K54 million in over 18 years.
Senior trading executive of the fund’s trustee, Isaac Mcnerbai, who has been involved in the electronic transfer of payments to unit holders, has been working with the fund’s management for 25 years.
Mcnerbai recently delivered a payment advice to the Port Moresby Young Women’s Christian Association.
“The YWCA are long-term members of the fund and we always enjoy the opportunities to provide them with a return on their investment,” he said.
“We take pleasure also in seeing long-term individual members receiving payments.
“Although we have faced some very difficult challenges in recent years we have been able to make considerable improvements which see our unit holders receiving regular payments efficiently.”
The Government set up the Investment Corporation Fund of PNG in 1971 to enable PNG wage earners earned an income from investments in various business activities.
In 2001, the fund was created as a commercial unit trust on behalf of the members.
It invests in business activities including manufacturing, insurance, energy, agriculture and motor vehicle dealership.
“When I first started, payments were all done by handwritten cheques,” Mcnerbai said.
“You can imagine how slow that process was. These days, thanks to electronic banking and better electronic record keeping, we are able to get payments out much more quickly.”