The Growing Gold Fund was launched on Wednesday by ZB Asset Management, a subsidiary of the ZB Financial Holdings Limited in Harare.
A Senior ZB Manager said: "The ZB Growing Gold Fund is an investment fund backed by the stability and safe haven status of gold, generally giving good returns in the medium to long term. Citizens can make plans for the future, knowing that their investment is more secure, more tangible, with more growth possibilities than ever before."
The minimum investment amount is US$100 and the minimum investment period is 12 months. An additional amount of US$50 is required after the initial payment to ZB Asset Management Limited.
The manager said in an interview with The Zimbabwean that the Growing Gold Fund had high returns in the medium to long term, world class investment, and diversity and mitigation of risk for those with other investments.
"The gap between having a bit of spare cash to invest and actually growing some serious wealth isn't as wide as you think," he said. "The Gold Fund helps you save too."
Asked whether it was any different from the Gold Fund currently being operated by Tetrad Securities Limited, a ZB official said their Growing Gold Fund would be pegged against the "current" gold price prevailing internationally.
"You get returns according to the gold price of the day," he said. "Right now the gold price is very stable and is, in fact, getting higher and higher. This means that our investment will also increase as the gold price increases."
He said the Growing Gold Fund was an "innovative venture which fits according to the times".
He revealed that ZB Bank Limited had opened a new branch in Gwanda in the Matebeleland region. ZB Financial Holdings Limited is listed on the Zimbabwe Stock Exchange (ZSE) and is the second most heavily capitalised financial counter on the bourse today.Post published in: Business