Lahore Stock Exchange (G) Limited has approved the applications for formal listing and quotation of the Unit of NAFA Financial Sector Income Fund (Open end managed by NBP Fullerton Asset Management Limited). The Fund will be quoted under "Open-end Fund" sector of the Ready Board Quotation of the Exchange from Monday, October 31, 2011. With listing of these Funds the total number of Open Ended funds listed on LSE has reached 60.
The representative of the NBP Fullerton Asset Management Limited said that the investment objective of the Fund is to provide income enhancement and preservation of capital by investing in prime quality financial sector TFCs/Sukuks, Bank deposits and short term money market instruments.
The performance benchmark of the Fund for the period of return shall be based on 70 percent 6-months Kibor rate and 30 percent deposit rate of A and above rated banks. The duration of the fund is perpetual, as initial price per unit of the fund is Rs 10. CDC is acting as the Trustee for the Fund, he said.
NBP Fullerton Asset Management Limited (NAFA) is a non-banking finance company licensed to undertake Asset Management Services as per NBFC Rules and Regulations. The main sponsors of NAFA are National Bank of Pakistan and Alexandra Fund Management Pvt Ltd, (a member of Fullerton Fund Management Group, Singapore, which in turn is a wholly owned subsidiary of Temasek Holdings, Singapore). NAFA's main area of business is investment management; more specifically floating and managing mutual funds.
The company is currently managing 10 open end funds namely NAFA Asset Allocation Fund, NAFA Government Securities Liquid Fund, NAFA Income Opportunity Fund, NAFA Income Fund, NAFA Islamic Multi Asset Fund, NAFA Islamic Aggressive Income Fund, NAFA Multi Asset Fund, NAFA Riba Free Savings Fund, NAFA Stock Fund and NAFA Savings plus Fund. All these funds are listed at Lahore Stock Exchange. The subscription dates of Initial Public Offering (IPO) of NAFA Financial Sector Income Fund are October 25-28, 2011.-PR
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