Kenanga Investment Corporation, the investment arm of K&N Kenanga Holdings in Sri Lanka, has received the go ahead from the Securities and Exchange Commission of Sri Lanka to offer new fund products targetting specific markets.

The new offerings will complement KICL's existing range of products and services to cover wealth management, which include investment funds and portfolio management. Prior to this license, the company was offering only corporate finance products, including financial restructuring processes, securitisation transactions, and employee share schemes, among others. Kenanga said it intends to launch three funds within the second half of 2011, with the first to roll out before the end of the third quarter.

"Sri Lanka is on the international investors' radar due to its rapidly growing economy. We want to leverage on every opportunity available and fill the gaps in financial products and services," said Rohan Senanayake, deputy chairman of KCL, in a statement. 

Kenanga records RM2.4 billion ($814 million) in total assets under management as of 30 June 2011.