MCB Asset Management Company (AMC) will get over one billion fund under the newly launched fund namely MCB Dynamic Allocation Fund. Addressing the journalists, Yasir Qadri chief executive officer of MCB Asset Management Company (ACM) here on Thursday informed that keeping in view of the growing demand of the asset allocation funds in Pakistan, MCB ACM has launched Dynamic Allocation Fund (DAF).
On the occasion M Faisal Malik, head of sales and marketing, and Jafar Khan chief investment officer of MCB were also present. For the initial public offer of MCB DAF, application forms would be available and received at all the branches of MCB Bank across the country till March 15, 2008, he said.
He said that presently MCB ACM 100 percent owned subsidiary of MCB Bank and currently managing approximately some Rs 15 billion worth of funds through two funds including MCB Dynamic Cash Fund and MCB Dynamic Stock Fund.
However, he believed that its company would gain some one billion rupees under this new fund and after the completion of new fund over all funds would reach Rs 16 to 17 billion. He informed that MCB DAF is an open-end asset allocation fund, which allows 0-100 percent exposures into debt or equity as per market condition and discretion of the company.
Talking about the objective he said that basic objective of the fund is to provide a high absolute return by investing in equity and debt market. "MCB AMC has also set up special help desks in some 80 branches of the MCB bank to facilitate and guide general public regarding the new MCB DAF," he said.
He said that mutual fund industry in the country is consistently growing and presently has reached some Rs 300 billion. MCB DCF and MCB DSF have given a return of 10 percent and 39.10 percent respectively since March 1, 2007 and the company is planning to complete the series of funds including Islamic funds by the end of June this year.
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