JARDINE Fleming Unit Trusts yesterday announced it will reopen to new investors on June 1 - barely six months after a massive administrative backlog forced it to turn them away.
From the same date, it will also slash the new investment minimums by US$90,000 to US$10,000 for new investors and by US$15,000 to US$5,000 for existing clients. But the popular savings scheme will not make a comeback yet.
Chief executive Tony Doggart said: ''A fivefold explosion in daily business levels in January compared with the 1993 average triggered our decision to close our doors temporarily to new customers.
''We have already taken steps to increase our administrative capacity by doubling our staff numbers as well as upgrading our computer capacity. Since January we have added more than 40 staff in the administrative department.'' Mr Doggart said the minimum investment levels are still higher than those before January because it will enable them to gauge how efficiently they are handling the volumes of new business.
He added: ''We are keen to make available our funds to a wider range of retail investors. Therefore, when we come to review the situation in October, we will look carefully at whether we can further reduce the minimum investment levels.''
