FAYSAL ASSET MANAGEMENT DECLARES FINAL DIVIDEND ON ALL OPEN END FUND
100% of distributable income paid out
Karachi, July 7, 2008: Following the Board meeting on July 5, 2008, Faysal Asset Management Limited has announced a total payout of Rs. --- million for the year ended June 30, 2008 (including interim payout during the year) – for all its open end funds. This distribution translates to 100% of the total distributable income of each fund for the mentioned period.
On the fixed income side, the Board has approved a distribution of Rs. -- per unit for Faysal Savings Growth Fund (FSGF) and Rs. -- per unit for Faysal Income & Growth Fund (FIGF). This is in addition to the interim dividend of Rs. 6.61 per unit (for FSGF) and Rs. 6.66 per unit (for FIGF) declared in April 2008.
Despite recent volatility in the market, the Faysal Balanced Growth Fund (FBGF) has announced a distribution of Rs. -- per unit (-- units for every 100 units) for the year 2007-2008. As compared to its benchmark the KSE-100 Index, FBGF has managed to outperform the index by --%.
Faysal Asset Management Limited, (FAML) an asset management company was launched in 2003 within Ithmaar Bank (Bahrain) Group of Companies. FAML brings together the collective financial expertise and investment experience of Islamic Investment Company of Gulf (IICG), with its extensive global fund management experience, Faysal Bank Limited, one of Pakistan’s premier commercial bank and AKD Securities Private Limited, one of Pakistan’s leading financial services firm. The joint venture partners have international expertise of managing funds in diversified markets around the globe. Locally, FAML has got over PKR 8.1 billion under its management as of April 31, 2008 through three diversified open-end mutual Funds namely, Faysal Balanced Growth Fund (FBGF), Faysal Income and Growth Fund (FIGF) and Faysal Savings Growth Fund (FSGF).
FAML has a strong management team, a research based investment structure and a proven track record of outperforming its benchmark since its inception. A dedicated research team for each fund works under the supervision of internal investment committee, which is headed by the CEO. Due to these inherent strengths of the company, JCR-VIS has UPGRADED Management Quality Rating of Faysal Asset Management Ltd (FAML) to ‘AM3+’, REAFFIRMED Fund Stability Rating of Faysal Income & Growth Fund (FIGF) at ‘A+(f)’, UPGRADED Ranking of Faysal Balanced Growth Fund (FBGF) to 'MFR 4 Star' and ASSIGNED Fund Stability Rating of Faysal Savings Growth Fund (FSGF) at ‘A(f)’.