Mutual Fund managers decide to form assoc
Sunday, 27 December 2009
FE Report
Representative and Chief Executive Officers (CEO) of Asset Management Companies in Bangladesh Thursday decided to form a professional association in line with other regional markets.
The primary objective of the association would be developing the local mutual fund industry, create public awareness on mutual fund investment, research, innovate and introduce new and diversified mutual fund options & products and introduce international best practice and standards in the sector.
Thursday's meeting agreed to immediately take up with the regulatory authority and the government the problems currently faced by the mutual fund sector.
Market insiders said the decision was taken in a meeting convened by Prime Asset Management Company Limited. State-owned ICB Asset Management Company Limited (ICB-AMCL) and Bangladesh Shilpa Rin Sangastha (BSRS) also joined the meeting.
The meeting decided to form a Convening Committee of all willing members with Yawer Sayeed, Managing Director & CEO of AIMS of Bangladesh Limited as the Chairman and Moin Al Kashem, a capital market specialist and Managing Director & CEO of Prime Finance Asset Management Company Limited as the Secretary General.
Mr. M Wahiduzzaman Khandaker, CEO of state-owned ICB-AMCL has been proposed as the Vice Chairman, subject to formal consent.
The members authorized the committee to propose a suitable logo, slogan and name of the association at the earliest and draft a Memorandum & By Laws for registration under the Societies Registration Act 1882 with the Registrar of Joint Stock Companies & Firms by seeking assistance from such similar associations in other regional countries.
It also resolved to invite all AMCs, Trustee, Custodians and central depository involved as parties to mutual funds to join the association.
Representative and Chief Executive Officers (CEO) of Asset Management Companies in Bangladesh Thursday decided to form a professional association in line with other regional markets.
The primary objective of the association would be developing the local mutual fund industry, create public awareness on mutual fund investment, research, innovate and introduce new and diversified mutual fund options & products and introduce international best practice and standards in the sector.
Thursday's meeting agreed to immediately take up with the regulatory authority and the government the problems currently faced by the mutual fund sector.
Market insiders said the decision was taken in a meeting convened by Prime Asset Management Company Limited. State-owned ICB Asset Management Company Limited (ICB-AMCL) and Bangladesh Shilpa Rin Sangastha (BSRS) also joined the meeting.
The meeting decided to form a Convening Committee of all willing members with Yawer Sayeed, Managing Director & CEO of AIMS of Bangladesh Limited as the Chairman and Moin Al Kashem, a capital market specialist and Managing Director & CEO of Prime Finance Asset Management Company Limited as the Secretary General.
Mr. M Wahiduzzaman Khandaker, CEO of state-owned ICB-AMCL has been proposed as the Vice Chairman, subject to formal consent.
The members authorized the committee to propose a suitable logo, slogan and name of the association at the earliest and draft a Memorandum & By Laws for registration under the Societies Registration Act 1882 with the Registrar of Joint Stock Companies & Firms by seeking assistance from such similar associations in other regional countries.
It also resolved to invite all AMCs, Trustee, Custodians and central depository involved as parties to mutual funds to join the association.