Trust deed signed for Midland Bank sponsored new mutual funds

Bangladesh Securities and Exchange Commission approved the draft trust deed of two new mutual funds -- Midland Bank Growth Fund and Midland Bank Balanced Fund -- to be sponsored by Midland Bank, according to a press release.

Each fund has an initial size of Tk 250 million, with Midland Bank contributing 10 per cent as the sponsor.

A signing ceremony was held on Wednesday, at the bank's head office in Gulshan, to formalise the agreement with the trustee Sandhani Life Insurance Company Limited.

Md. Ahsan-uz Zaman, managing director & CEO of Midland Bank, and Md. Mizanur Rahman, company secretary of Sandhani Life Insurance, executed the trust deeds. Senior officials from both organisations were present.

Midland Bank Asset Management Company will act as the asset manager, and Commercial Bank of Ceylon Bangladesh PLC will be the custodian.

Mr. Md. Ahsan-uz Zaman said, "These funds offer professional management for potential long-term growth and balanced returns for investors, to be managed by a team of dedicated and competent professionals. We believe this initiative will significantly contribute to enhancethe depth and stability of Bangladesh Capital Market."