The United Asset Management Company Limited (UAMC) has been renamed as UBL Fund Managers Limited (UBLFM). The UBLFM is a wholly-owned subsidiary of the United Bank Limited (UBL), which is Pakistan's second largest private commercial bank.
The UBL was the pioneer in initiating asset management services in the banking sector with the launch of UAMC in 2002 and has thus become a trend-setter.
The UBL Fund Managers Limited has been successfully managing United Money Market Fund (UMF), which is one of the largest open-end money market funds in Pakistan with a size of Rs 3.75 billion.
The UMF, a fund for short-term investments, has provided a tax-free net return of 7.15 percent per annum since its inception and over 8.5 percent per annum during the last three months.
With the change in name, the website of the company has also been changed to www.UBLfunds.com. The UBLFM is also in the process of launching other fixed income and equity funds in the near future.-PR