LR Global begins formal operation today, plans to float Tk 1b mutual fund by Dec
FE Report | Tuesday, 1 July 2008
LR global Bangladesh Asset Management Company Limited, the country's fourth asset management company, begins its formal operation today (Tuesday) aiming to open foreign private equity investment opportunities to local entrepreneurs.
The newly approved asset management company plans to float a mutual fund worth Tk 1 billion (Tk 100 crore) by December 2008, said a company official.
LR Global Bangladesh Asset Management Company Limited is a subsidiary of US based opportunistic investment firm LR Global, which primarily focuses on the developing markets.
Focusing on offering mutual funds and private equity deals, the new asset management company also plans to float another mutual fund of similar size by mid- 2009.
Chairman of Securities and Exchange Commission Mr. Faruq Ahmad Siddiqi will inaugurate the operation of the asset management company at a programme at the Hotel Sheraton in the city.
Bangladesh Enterprise Institute President and former executive chairman of Board of Investment, Farooq Sobhan will attend the programme as guest of honour.
Earlier, the SEC approved the LR Global Bangladesh to bring innovative financing tools to promote local businesses as well as to float foreign private equity investment opportunities to the local entrepreneurs.
Founded in 1997 by LR Global Partners and the Rockefeller family, LR Global, currently manages assets worth $449 million and maintains offices in New York, Hong Kong, Hanoi and Phnom Penh.
Mr. Don LaGuardia, Managing Partner of LR Global New York, Mr. William L Asmundson, former President and CEO of Rockefeller & Company and Principal of LR Global, Mr. William L. Asmundson along with Mr. Saiful Islam, Director of LR global Bangladesh will also attend the programme.
The inaugural ceremony is expected to be attended among others by officials of Securities and Exchange Commission, diplomats, bankers, business leaders and journalists.
Currently, the market has a total of 14 mutual funds worth Tk 866 million only, but the size of the funds will increase manifold within the next few months with the trading of 'ICB NRB second mutual fund' and Grameen One: Scheme Two.
The subscription of 'ICB NRB second mutual fund' worth Tk 1.0 billion has been completed and another one-- Grameen One: Scheme Two--worth Tk 1.25 billion began Monday.
Investment in mutual funds is considered a safe investment all over the world because of its unique risk-free character.
The mutual funds derive revenues from its investment in various securities in the form of cash dividend, stock dividend and interest income.
The newly approved asset management company plans to float a mutual fund worth Tk 1 billion (Tk 100 crore) by December 2008, said a company official.
LR Global Bangladesh Asset Management Company Limited is a subsidiary of US based opportunistic investment firm LR Global, which primarily focuses on the developing markets.
Focusing on offering mutual funds and private equity deals, the new asset management company also plans to float another mutual fund of similar size by mid- 2009.
Chairman of Securities and Exchange Commission Mr. Faruq Ahmad Siddiqi will inaugurate the operation of the asset management company at a programme at the Hotel Sheraton in the city.
Bangladesh Enterprise Institute President and former executive chairman of Board of Investment, Farooq Sobhan will attend the programme as guest of honour.
Earlier, the SEC approved the LR Global Bangladesh to bring innovative financing tools to promote local businesses as well as to float foreign private equity investment opportunities to the local entrepreneurs.
Founded in 1997 by LR Global Partners and the Rockefeller family, LR Global, currently manages assets worth $449 million and maintains offices in New York, Hong Kong, Hanoi and Phnom Penh.
Mr. Don LaGuardia, Managing Partner of LR Global New York, Mr. William L Asmundson, former President and CEO of Rockefeller & Company and Principal of LR Global, Mr. William L. Asmundson along with Mr. Saiful Islam, Director of LR global Bangladesh will also attend the programme.
The inaugural ceremony is expected to be attended among others by officials of Securities and Exchange Commission, diplomats, bankers, business leaders and journalists.
Currently, the market has a total of 14 mutual funds worth Tk 866 million only, but the size of the funds will increase manifold within the next few months with the trading of 'ICB NRB second mutual fund' and Grameen One: Scheme Two.
The subscription of 'ICB NRB second mutual fund' worth Tk 1.0 billion has been completed and another one-- Grameen One: Scheme Two--worth Tk 1.25 billion began Monday.
Investment in mutual funds is considered a safe investment all over the world because of its unique risk-free character.
The mutual funds derive revenues from its investment in various securities in the form of cash dividend, stock dividend and interest income.