JS Abamco Dividend Announced

JS Abamco (formerly Abamco Limited) has announced total cash dividend of Rs888.806 million for its three closed-end and one open-end mutual funds. Accordingly, the Board of Directors of the Company approved cash dividend at Re1 per unit for UTP – Large Cap Fund; Rs1.275 per unit for UTP – Growth Fund; Rs7.5 per unit for UTP – A30+ and Re1 per unit for BSJS Balanced Fund. JS Abamco Ltd enjoys an asset manager rating of ‘AM2+’, which is the highest rating ever received by any asset manager in Pakistan and reflects its leadership and strength in the asset management sector. Moreover, PACRA has assigned 5-star ratings for superior performance to all eligible open-end funds.

Mutual funds can invest abroad

In what is being seen as a landmark decision, the State Bank has allowed mutual funds operating in Pakistan to invest abroad. But initially the central bank has placed a cap of $15 million on such investment by a single mutual fund at a given time, says a circular issued by the Exchange Policy Department of the SBP on Saturday.

“This is a landmark decision,” says Mr. Jahangir Siddiqui who pioneered the open-ended mutual fund in Pakistan. “It is going to discourage capital flight from Pakistan and enable investors to diversify their portfolios geographically for the first time in the country.”