Prime Finance AMCL begins operation
Thursday, 9 April 2009
FE Report
Prime Finance Asset Management Company Limited has begun its operation as the country's fifth private asset management company (AMC) aiming to grab a significant portion of the growing mutual fund industry.
"We have just begun…and hope to play a key role in floating new and innovative products including mutual funds, one of the risk-free tools in the stock trading," Moin Al Kashem, Managing Director & Chief Executive Officer of the newly launched company told the FE Wednesday.
Prior to joining the company, Moin, an MBA from Institute of Business Administration (IBA) of Dhaka University, served as the Executive Vice President & Head of Merchant Banking in Prime Finance & Investment Limited, a leading non-banking financial institution.
Moin is the longest serving professional in the stock market after completing MBA from IBA, the top business administration school of the country in late 1992.
He began his career as an MBA intern in the Dhaka Stock Exchange (DSE) from January 1,1993 and has become hooked on the stock market operation.
"As an asset management company, we are also allowed to deal with private equity placement, venture capital syndication and any other fund related activities," Moin said adding if successful, the concerted efforts of his company will herald a bright outlook of the country's capital market
He said his company will launch new and innovative products, subject to the approval from the Securities and Exchange Commission (SEC) in near future.
"We are set to launch an open end mutual fund for the non-resident Bangladeshis (NRBs) subject to the approval from the SEC," Moin said.
'Prime Finance First NRB Unit Fund', the open end mutual fund will be the first of its kind in the country's growing stock market.
"The proposed mutual fund, if allowed will be a launching pad in the field of exploring and developing a new idea and product as well in investing the remittances in a productive way," managing director of the company added.
Currently, there are two mutual funds for the NRBs in the stock market, but both of them are closed-end.
The total market capitalisation of DSE whopped to $ 14.35 billion Wednesday to the testimony of the growing market size. The total market capitalisation hovered below $ 5.0 billion only in late 2006.
During his 16 years of career, Moin held various senior management positions in different capital intermediaries, including stock brokerage firms and merchant banks.
Moin during his tenure as the executive director of SCL Ltd, a member of DSE between the period of mid-1996 to late-2004 built up business relationship with top international brokers like Lehman Brothers, Merrill Lynch and facilitated their business services in Bangladesh stock market.
Prime Finance Asset Management Company Limited has begun its operation as the country's fifth private asset management company (AMC) aiming to grab a significant portion of the growing mutual fund industry.
"We have just begun…and hope to play a key role in floating new and innovative products including mutual funds, one of the risk-free tools in the stock trading," Moin Al Kashem, Managing Director & Chief Executive Officer of the newly launched company told the FE Wednesday.
Prior to joining the company, Moin, an MBA from Institute of Business Administration (IBA) of Dhaka University, served as the Executive Vice President & Head of Merchant Banking in Prime Finance & Investment Limited, a leading non-banking financial institution.
Moin is the longest serving professional in the stock market after completing MBA from IBA, the top business administration school of the country in late 1992.
He began his career as an MBA intern in the Dhaka Stock Exchange (DSE) from January 1,1993 and has become hooked on the stock market operation.
"As an asset management company, we are also allowed to deal with private equity placement, venture capital syndication and any other fund related activities," Moin said adding if successful, the concerted efforts of his company will herald a bright outlook of the country's capital market
He said his company will launch new and innovative products, subject to the approval from the Securities and Exchange Commission (SEC) in near future.
"We are set to launch an open end mutual fund for the non-resident Bangladeshis (NRBs) subject to the approval from the SEC," Moin said.
'Prime Finance First NRB Unit Fund', the open end mutual fund will be the first of its kind in the country's growing stock market.
"The proposed mutual fund, if allowed will be a launching pad in the field of exploring and developing a new idea and product as well in investing the remittances in a productive way," managing director of the company added.
Currently, there are two mutual funds for the NRBs in the stock market, but both of them are closed-end.
The total market capitalisation of DSE whopped to $ 14.35 billion Wednesday to the testimony of the growing market size. The total market capitalisation hovered below $ 5.0 billion only in late 2006.
During his 16 years of career, Moin held various senior management positions in different capital intermediaries, including stock brokerage firms and merchant banks.
Moin during his tenure as the executive director of SCL Ltd, a member of DSE between the period of mid-1996 to late-2004 built up business relationship with top international brokers like Lehman Brothers, Merrill Lynch and facilitated their business services in Bangladesh stock market.