Six leasing companies to launch mutual funds
Friday, 24 April 2009
FE Report
Six leasing companies have initiated steps to launch mutual funds soon to join the foray of similar fund proposals declared by a number of other commercial banks and insurance companies in recent months.
They are Phoenix Finance and Investments Ltd (PFIL), International Leasing Financial Services Ltd (ILFSL), Union Capital, Uttara Finance, People's Leasing and Financial Services Ltd (PLFSL) and Islamic Finance and Investment Ltd (IFIL).
All the close-end mutual funds are under process, subject to the approval of the Securities and Exchange Commission (SEC), market sources said.
The PFIL has proposed to float the 10-year close-end mutual fund worth Tk 500 million. The title of fund will be 'Phoenix Finance 1st Mutual Fund'.
Per units value will be Tk 10 each. Some Tk 200 million will be kept for sponsors, Tk 100 million for pre-IPO placement and Tk 200 million for IPO.
Investment Corporation of Bangladesh (ICB) will act as trustee and custodian and ICB Asset Management Co. Ltd (ICBAMCL) will act as asset manager.
The ILFSL will sponsor the mutual fund titled 'LR Global Bangladesh Mutual Fund One'. The size of the said fund will be Tk. 50 million.
The Union Capital Ltd will launch the mutual fund named 'UCL 1st Mutual Fund'. However, no decision has been taken regarding size of the fund, sponsors portion, pre-IPO placement, asset manger, trustee and custodian, sources said
The Uttara Finance will float mutual fund worth Tk 50 million. The name of the fund will be 'LR Global Bangladesh Mutual Fund One'. LR Global Bangladesh Asset Management Company Ltd will manage the fund.
The PLFSL will launch a mutual fund valued at Tk. 500 million. Per unit price of the proposed fund is Tk. 10.00. The company will subscribe 20 per cent or Tk. 100.00 million and the rest portion will be raised through pre-IPO placement and IPO.
The IFIL has proposed to sponsor a mutual fund styled IFIL Islamic Mutual Fund-I. The size of the fund would be Tk. 200 million. The company will subscribe 20 per cent or Tk. 40 million.
A closed-end mutual fund has a set number of shares issued to the public through an initial public offering (IPO). These funds have a stipulated maturity period generally ranging from 3 to 15 years.
Currently, a total of 17 mutual funds are listed with the bourses. Of them, ICB and its subsidiaries manage 13 mutual funds, AIMS Bangladesh three and BSRS one.
Six leasing companies have initiated steps to launch mutual funds soon to join the foray of similar fund proposals declared by a number of other commercial banks and insurance companies in recent months.
They are Phoenix Finance and Investments Ltd (PFIL), International Leasing Financial Services Ltd (ILFSL), Union Capital, Uttara Finance, People's Leasing and Financial Services Ltd (PLFSL) and Islamic Finance and Investment Ltd (IFIL).
All the close-end mutual funds are under process, subject to the approval of the Securities and Exchange Commission (SEC), market sources said.
The PFIL has proposed to float the 10-year close-end mutual fund worth Tk 500 million. The title of fund will be 'Phoenix Finance 1st Mutual Fund'.
Per units value will be Tk 10 each. Some Tk 200 million will be kept for sponsors, Tk 100 million for pre-IPO placement and Tk 200 million for IPO.
Investment Corporation of Bangladesh (ICB) will act as trustee and custodian and ICB Asset Management Co. Ltd (ICBAMCL) will act as asset manager.
The ILFSL will sponsor the mutual fund titled 'LR Global Bangladesh Mutual Fund One'. The size of the said fund will be Tk. 50 million.
The Union Capital Ltd will launch the mutual fund named 'UCL 1st Mutual Fund'. However, no decision has been taken regarding size of the fund, sponsors portion, pre-IPO placement, asset manger, trustee and custodian, sources said
The Uttara Finance will float mutual fund worth Tk 50 million. The name of the fund will be 'LR Global Bangladesh Mutual Fund One'. LR Global Bangladesh Asset Management Company Ltd will manage the fund.
The PLFSL will launch a mutual fund valued at Tk. 500 million. Per unit price of the proposed fund is Tk. 10.00. The company will subscribe 20 per cent or Tk. 100.00 million and the rest portion will be raised through pre-IPO placement and IPO.
The IFIL has proposed to sponsor a mutual fund styled IFIL Islamic Mutual Fund-I. The size of the fund would be Tk. 200 million. The company will subscribe 20 per cent or Tk. 40 million.
A closed-end mutual fund has a set number of shares issued to the public through an initial public offering (IPO). These funds have a stipulated maturity period generally ranging from 3 to 15 years.
Currently, a total of 17 mutual funds are listed with the bourses. Of them, ICB and its subsidiaries manage 13 mutual funds, AIMS Bangladesh three and BSRS one.