UBL LAUNCHES MUTUAL FUNDS IN UAE
The company is currently managing four open-end mutual funds with assets under management worth Rs 14 billion.
Apr 23 - 29, 2007
UBL Fund Managers Ltd - one of the premier asset management companies operating in Pakistan - has recently launched its mutual funds and advisory services in the United Arab Emirates.
In fact, the launch of UBL Fund in UAE indicates a growing role of Pakistan's asset managers as more such offers are in the pipeline, aiming to spread their area of operation not only in Middle East but also looking for European Market especially in the United Kingdom.
As far as UBL Fund Managers is concerned, the company is currently managing four open-end mutual funds with assets under management worth Rs. 14 billion, becoming the largest private sector asset management company (in terms of AUM) amongst all open-end funds.
UBL Fund Managers is a wholly owned subsidiary of United Bank Limited - one of the largest commercial banks operating in the country with a branch network of over 1000 domestic branches and over 15 international branches. The launch of UBL Fund Managers in the UAE helps broaden UBL's growing presence in global markets. Moreover, due to this significant growth momentum and the robust reform agenda of the government, Pakistani capital markets offer tremendous investment opportunities. The presence of UBL Fund Managers in the UAE will make it easier for local investors to reap the benefits of this attractive investment destination in a convenient and hassle free manner.
Although the mutual fund industry of Pakistan is in a nascent stage, it has gone through remarkable growth over the past couple of years. As of March 2007, there are a total of 30 asset management companies operating in Pakistan, managing more than 55 mutual funds. The size of the industry in terms of Assets under Management (AUM) has grown from Rs. 22 billion to Rs. 185 billion in 2007 in a period of just six years. UBL Fund Managers has contributed to the success of the industry by launching the first true money market fund and the first 'no load' fund. With the recent launch of their funds in UAE, UBL Fund Managers will act as a door opener for many other local AMCs while at the same time providing a boost to the mutual fund industry.
Out of the four mutual funds being managed by UBL Fund Managers, three are being offered to the UAE residents. These funds have been one of the top performing funds in the industry. United Growth & Income Fund (UGIF) has provided a remarkable Year to Date Return (YTD) of 11.63% (as of April 12, 2007), which is one of the highest in all open-end fixed income funds in the country. The fund size of UGIF has increased by 227% in a period of just six months (from October 1, 2006 ñ March 31, 2007). United Stock Advantage Fund (USF) has consistently outperformed the KSE-100 index since its inception and as of April 12, 2007, delivered a YTD of 15.05% and stood among the premium open-end equity funds in the market. During this period the average return for open-end equity funds was 10.42% while the KSE Index yielded 11.61%.
Addressing the launch press conference in Dubai, Wajahat Hussain, Head of Middle East UBL, said that through these high quality mutual funds, the expatriate community in the UAE could conveniently invest in their home country. He added that this initiative is another effort to offer value-added financial solutions to UBL's valued client base. CEO UBL Fund Managers Mir Muhammad Ali told the participants that mutual funds happen to be a great vehicle for both institutional and individual investors to participate in a diversified portfolio of securities and investments managed by a team of professional fund managers. "The launch of UBL Fund Managers in the UAE is a stepping stone towards the company's objective to reach out to investors across the globe offering them truly world class products and services that are associated with the UBL brand name."
UBL Fund Managers Ltd. is a wholly owned subsidiary of United Bank Limited, making it the first asset management company to be launched by a bank in Pakistan. UBL Fund Managers has been operating since the year 2002 and is currently ranked No. 1 in terms of Assets under Management (AUM) in open-end private sector open-end funds and also in the fixed income schemes, currently managing assets of over Rs. 14 billion on behalf of thousands of satisfied institutional and individual clients. UBL has been awarded a Management Quality Rating of AM2- by JCR-VIS Credit Rating Agency.
For more information, visit www.ublfunds.com