The Bank of Punjab (BoP) and Abamco Limited on Tuesday signed an agreement for distribution of all Abamco open-end mutual funds at various branches of the BoP across Pakistan.
These funds include Unit Trust of Pakistan (UTP), UTP-Income Fund, UTP-Islamic Fund, UTP-Aggressive Asset Allocation Fund and the recently launched UTP-Fund of Funds. BoP President Hamesh Khan and Abamco Limited Chief Executive Najam Ali signed the agreement, a bank's spokesperson said.
Abamco Limited was Pakistan's premier asset management company. A part of the JS Group, the company was incorporated in 1995 and was the first asset management-company in the private sector. Abamco currently manages over Rs 17.5 billion on behalf of more than 35,000 investors across the country in five open-end and an equivalent number of closed end funds. It has recently launched two new open-end funds, the UTP-Aggressive Asset Allocation Fund (UTP-AAAF) and the UTP-Fund of Funds (UTP-FoF).
Established in 1989, The Bank of Punjab was the sixth largest in Pakistan and has a deposit base of over Rs 70.835 billion through a network of 254 branches across the country. Pacra has assigned a short-term rating of 'A+' and a long-term rating of 'AA-' to the bank. The bank has equity of over Rs 11 billion and is listed on all the three stock exchanges of Pakistan.-PR
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