KARACHI (February 26 2006): The Board of Directors of Faysal Asset Management Limited has approved 20 percentInterim Dividend as Bonus Units from distributable profits of "Faysal Balanced Growth Fund" (FBGF) for the half year ended December 2005 for unit holders.
This fund has earlier declared a final dividend of 12.50 percent for the financial year ending June 30, 2005. FBGF is the only open-ended balanced fund with well-defined investment strategy for holding minimum 30 per cent in the Money Market Securities and maximum 70 per cent in equity securities.
FBGF was launched in April 2004 with the largest seed capital contribution on rupees 600 million in Pakistan. FAML Chief Executive Ahsan Raza durrani, while speaking at a press conference at a local hotel here on Saturday, informed that FBGF had a total fund size of rupees 2.3 billion with its Net Asset Value of over rupees 144 per unit.
The Management Company, Faysal Asset Management Limited, represents a collective wisdom of three major institutions including Faysal Bank, Aqeel Karim Dhedhi Securities and Islamic Investment Company of Gulf, Bahamas. These institutions manage assets worth over rupees 120 billion globally.
FAML Chief Operating Officer Salman Sheikh said on this occasion the company currently managed two open-ended funds i e 'Faysal Balanced Growth Fund' and 'Faysal Income & Growth Fund' (FIGF).
He said the FIGF was launched recently in October 2005 with a seed capital of only rupees 250 million. The fund's total size at present exceeded Rs 1.07 billion representing the increased investors' confidence in assets managed by FAML. Presently FIGF has an annualised
yield of over 11.5 per cent p.a., he added.
Ahsan Raza durrani informed the total fund under management of FAML represented pproximately 20 per cent of the privately managed open-ended mutual funds in Pakistan.
He said the FAML planned to launch more equity funds, Voluntary Pension Scheme and Real Estate Investment Trust. The company had also submitted its expression of interest for privatisation of NIT, he added.