IGI Funds Limited (IGIFL), the asset management arm of the Packages and IGI Financial Services Group, successfully conducted the Public Offering of the IGI Income Fund (IGIIF) on April 13 & 14. Select branches of The Bank of Punjab and Deutsche Bank were authorised to receive applications for this purpose.
Ali A Shirazee, CEO of IGI Funds said, "IGIFL is entering the marketplace with IGIIF in an effort to provide investors with a liquid and correctly constructed portfolio of fixed income instruments." The investment objective of the IGI Income Fund is to minimise risk, construct a liquid portfolio of fixed income instruments and provide competitive returns.
IGI Income Fund is an open-end mutual fund and shall be listed on the Lahore Stock Exchange. The launch of the IGI Income Fund is a part of IGI Funds overall strategy of providing investors with a spectrum of funds allowing exposure to various asset classes. "IGI Income Fund is a customer-centric product that offers investors ease of entry/exit, simple and hassle free account operations as well as access to the fixed income asset class at a competitive management fee structure" said Ali Raza, Group Head of IGI Funds.
The guiding premise for IGIFL's business growth model is providing investment solutions and products designed to address investor needs. IGIFL intends to launch a continuum of mutual funds as part of its future plans, designed to cater to the demands of the institutional as well as retail client base.
Group companies of IGI Funds Limited include the Packages Limited and the IGI Financial Services Group. Packages Limited was established in 1956 as a joint ventures between the Ali Group of Pakistan and Akerlund and Rausing of Sweden. Its core area of business is providing packaging solutions of outstanding value to individual and corporate clientele. Component entities of the IGI Financial Services Group include; IGI Insurance, IGI Investment Bank and IGI Finex Securities.
Pakistan's mutual fund industry has about 50 funds with a total net asset base of close to $3 billion. In comparison the mutual fund industry in the United States of America has close to $9 trillion in total assets under management in approximately 8,000 funds operating in the market, and the Indian mutual fund industry has over 600 funds in operation with close to $60 billion assets under management.-PR
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