Employees Old-Age Benefits Institution (EOBI) is considering to set up an investment and financial services company to manage its funds on professional lines.
This was disclosed by Investment Advisor, EOBI, Farooq A. Awan, while giving a presentation to a three member Asian Development Bank's (ADB) team which visited the EOBI Investment Department on Thursday.
Briefing on structural issues Awan informed the team that in order to ensure future sustainability, the board of trustees was considering setting up of an investment and financial services company as a corporate entity to manage the funds on professional lines.
The briefing covered all areas of fund management, including investment portfolio, investment income and fund management expenses. The challenges ahead were also discussed which included future course of monetary policy, limited investment options and upcoming maturities.
The ADB delegation comprising V. V. Subramanian, Saitien Thongplengrsi and Mir Muhammad Ali, who visited the EOBI Investment Department were impressed with the way EOBI had taken initiatives to enhance investment functions. The team urged that this should result in a sustainable mechanism and framework and supported the vision for future sustainability and offered their full support to attain the desired objectives.
Later the ADB team visited the EOBI Chairman, M. Shafi Malik who briefed them about the reforms introduced for strategic management under institutional strategy. The delegation acknowledged that considerable grounds of proposed reforms had already been covered.