UBLFM managing funds worth Rs10bn

Posted on 02.22.07 by StockPK Team @ 12:38 pm    

The Board of Directors of UBL Fund Managers (UBLFM), a wholly-owned subsidiary of United Bank, announced on Tuesday that it was managing overall funds of Rs10 billion with over 5,000 unit-holders to date.

The board, after holding a meeting, announced the financial results for the six months ended December 31, 2006, of various funds under its portfolio.

Accordingly, United Growth & Income Fund (UGIF) in the fixed income category recorded a yield of over 12 per cent from July to December 2006. UGIF saw an increase in unit holders by 98 per cent, with a total fund size of over Rs3.3 billion. The net income per unit increased to Rs6.14 as compared to Rs4.29 for the same period last year.

The United Money Market Fund (UMF), which invests in short term fixed income instruments, reached a total fund size of over Rs4.8 billion, with an increase of over 29.5 per cent in fund size. The United Stock Advantage Fund, launched in August 2006 outperformed the KSE benchmark index. The United Composite Islamic Fund (UCIF) which is the first Shariah Compliant Fund offered by UBL Fund Managers, showed a net income per unit of 12 paisa, with the number of unit holders reaching over two thousand.

Commenting on the financial results, Mir Muhammad Ali, CFA - CEO of UBL Fund Managers said, “Within a very short span of time, UBL Fund Managers has achieved significant growth and the figures announced in the financial results are a clear cut indicator of our tremendous potential in fund management”

During the year, UBL Fund Managers established a fully operational in house call centre and launched three new open-end funds, one each in fixed income, equity and Islamic type of funds. Moreover, plans are currently underway to launch two new funds in the year 2007 as well as distribution of UBL Funds products in the Middle East and UK through UBL branches.

Source: The News