Barclays Bank PLC, Pakistan, one of the largest global banks, has signed a landmark distribution agreement with JS Investments Limited (JSIL), one of the leading asset management companies in Pakistan. Under the agreement, JS Income Fund (JS IF) and Unit Trust of Pakistan (UTP) will be available at Barclay's branches across the country.
According to a press release issued here, the distribution agreement was signed by Ali Raza Siddiqui, Director and Chief Investment Officer, JSIL, and Khawaja Asif, Director Consumer Banking, Barclays Pakistan, in terms whereof JSIL appointed Barclays Bank PLC, Pakistan as a distribution company for the funds managed by JSIL.
Other senior members of the management teams of both the organisations were also present on the occasion. Speaking at the signing ceremony, Ali Raza Siddiqui said, "We are delighted at the signing of this agreement as this arrangement between JSIL and Barclays in Pakistan has the potential for great synergies in the future. Barclays is one of the largest global banks and partnering with them provides us better access to our broad customer base across the country, along with opening new avenues to reach a wide range of exclusive customer segments."
Speaking at the occasion, Khawaja Asif added, "The distribution of investment product will form an integral part of our ever growing consumer product suite and will provide our premier customers a complete wealth management solution."
The teams of Barclays Bank PLC, Pakistan and JSIL stressed that the agreement represents only a beginning of the growing relationship between the two organisations. In the near future both companies will work towards the introduction of more customised products, thereby bringing the benefits of more mutual fund products to customers. JSIL offers an extensive suite of more than 16 products for its investors.
JSIL is a part of the JS Group, one of the largest and most high profile business and financial services groups in Pakistan with wide-ranging business interests in diverse areas, including financial services, banking, brokerage and advisory, media, oil and gas, information technology and transportation.-PR
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