Citibank, N A Pakistan (Citi) announced that it would be using its nation-wide branch network to distribute units of the BMA Capital Protected Fund (BCPF). A product of BMA Asset Management Company Limited ("BMA Funds"), the BCPF mutual fund will be distributed by Citi in an effort to provide a broad range of investment options to customers.
Muddassar M Malik, CEO of BMA Funds said: "We are delighted and honoured to form this alliance with Citibank, a leading global financial institution and look forward to working with them." BMA Funds continually strives to offer products that are in demand by investors in the market. Given the volatility in capital markets, security of investments and attractive returns are of key concern to investors.
BMA Funds is the pioneer of Capital Protected Funds in Pakistan and has a track record of providing strong returns, investment performance and product innovation is a cornerstone in the BMA Funds' philosophy."
"Our collaboration with BMA Funds seeks to provide the benefit of choice to our customers and symbolises Citi's strong customer-focus," said Citi Consumer Business Head and Regional Consumer Head for Middle East Cluster Aftab Ahmed. "Citi's partnership with a forward-looking and trusted player like BMA will allow our customers to choose from a broad range of investments."
Under this partnership, the BMA Capital Protected Fund (BCPF) will be made available for distribution by Citi on a non-exclusive basis. It may be noted that Citibank's role will be limited to the extent of performing the distribution function without providing any advice to the prospective investor in respect of the investment products.
The BCPF is a Capital Protected Fund, and will be an open-end fund with a 3-year maturity period. The BCPF seeks higher returns than bank deposits, while providing easy access to cash and offers tax advantages to both individuals and institutions and, in particular, retirement funds.-PR