PACRA MAINTAINS ASSET MANAGEMENT

INTRINSIC RATING OF ABAMCO LIMITED

 

Lahore: July 07, 2004

The Pakistan Credit Rating Agency (PACRA) has maintained the Asset Management Intrinsic Rating of ‘aa' (Double a) for ABAMCO Limited. ‘Double a' is the third highest possible rating and reflects the company's excellent capacity to master the risks inherent in asset management. This capacity emanates from eight years of track record in managing open and closed-ended mutual funds as well as its internal systems and processes. ABAMCO is well positioned to retain its leadership among private sector asset management companies in face of increased competition.

A recognized player in the field of asset management, ABAMCO offers a range of mutual funds with varying risk/return profiles and, therefore, catering to a diverse set of individuals and institutional investors. ABAMCO's profitability improved significantly during the last one year due to substantial growth in the size of funds under management. The company has as total of PKR 13.9 bln assets under management. ABAMCO's equity has increased from PKR 181 mln in June'03 to PKR 490 mln as at March 31, 2004. ABAMCO's marketing approach is characterized by transparency as regards asset management and active support for investors. Owing to well-conceived investment policies, ABAMCO has provided investors with consistent returns. Considering the increasing competition in the mutual fund sector and ABAMCO's vision to maintain its market leadership, ABAMCO is currently in the process of reorganization in an effort to bring greater efficiency and transparency in operations.