The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (15-February-2006)
    PACRA Maintains the Asset Manager Rating of ABAMCO Limited
 

 
Analyst
Maimoon Rasheed
(+92-42-586 9504)
maimoon@pacra.com

 

 

 












 

 

 

 

 

 

Disclaimer
This press release is transmitted to you for this sole purpose of dissemination through your newspaper/magazine/agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to PACRA. However, PACRA has the sole right of distribution of its press releases for consideration or otherwise through any media.

  

The Pakistan Credit Rating Agency (PACRA) has maintained the asset manager rating of ABAMCO Limited at “AM2”. The rating reflects the company’s very strong capacity to manage the risks inherent in asset management and the asset manager meets very high investment management industry standards and benchmarks.

This capacity emanates from ten years of track record, an experienced and well-qualified management team, comprehensive investment management strategy, and association with a financially strong group. The prospective capability of the company is further enhanced by strengthening some of the important supporting systems and processes providing higher level of independence from the reference shareholder and autonomy in decision-making. The company is now well poised to attain its growth plans and maintain its leadership position among private sector asset management companies in the face of increasing competition.

About the company: Incorporated in 1995, ABAMCO is the largest private sector asset management company in Pakistan, registered with the Securities & Exchange Commission (SECP) as Investment Advisor for closed-end funds and Asset Management Company for management of open-end funds. It is a subsidiary of Jahangir Siddiqui & Company Ltd. Other institutional shareholders of ABAMCO include AMVESCAP Plc. – a leading global asset management company, International Finance Corporation, and MCB Bank Ltd. The current Chief Executive is a chartered accountant with considerable exposure to the financial sector.

Currently, the company is managing ten funds (five open-end and five closed-end) with assets under management crossing PKR 26bln mark. Various other funds and structured products like index fund, sector fund, capital guarantee product, pension fund are in the pipeline. Additionally, the management is planning to launch the first open-end index fund in Pakistan.

 
 
The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity.

PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings.

PACRA's opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.

 

    
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