The Pakistan Credit Rating Agency (Pacra) has upgraded asset manager rating of Atlas Asset Management Limited (AAML) to 'AM3+'. The rating reflects the company's strong capacity to master the risks inherent in asset management and the asset manager meets high investment management industry standards and benchmarks.
The rating recognises the notable improvement in the qualifications and prospective capabilities of AAML.
The intrinsic capacity has been strengthened by setting up some important supporting systems, in addition to already implemented policies and processes. Although the number of funds and assets under management has increased, the relative size and diversity still remain limited, mainly an outcome of short track record.
Atlas Asset Management Limited (AAML), previously Atlas Asset Management Company Limited (AAMCL), sponsored by the Atlas Group of Companies (AGC), was incorporated on August 20, 2002. Atlas Group, established in 1962, is one of the well-known business groups of the country with strong presence in manufacturing, finance and trading sectors. AAML is acting as the asset management company for two open-end funds and as an investment advisor to a closed-end fund. The Chief Executive, with extensive experience, is a known figure in the country's mutual fund industry. During the year, AAML's relationship with ING - an asset manager of international repute and technical partner of AAML in Pakistan - progressed very well. The representative of ING attends the board meetings on regular basis, physically or through teleconferencing.
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