The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (12-April-2006)
    PACRA Assigns 3-Star Fund Rating to UTP-Islamic Fund (UTP-ISF)
 

 
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 assigned a 3-Star fund rating to UTP-Islamic Fund (Category: Islamic Fund), which reflects an average performance relative to its peers. The rating is a composite measure of two factors namely a) returns, and b) risk associated with the returns measured by Sharpe Ratio.

About the fund: UTP-ISF, an open-end scheme, was established under a Trust Deed executed in December 2002. Currently, Central Depository Company (CDC) is the trustee of the Fund. The primary objective of UTP-ISF is to provide an avenue of investments to those who wish to invest their savings in such schemes which are based on profit / loss sharing basis and are shariah compliant.

About the Asset Manager: Incorporated in 1995, ABAMCO is the largest private sector asset management company in Pakistan, managing assets of around PKR 27bln. It is a subsidiary of Jahangir Siddiqui & Company Limited (JSCL), the flagship and main holding company of the JS group. Other institutional shareholders of ABAMCO include AMVESCAP Plc. – a leading global asset management company – and International Finance Corporation, a part of the World Bank Group.

ABAMCO has an asset manager rating of ‘AM2’, which reflects the company’s very strong capacity to manage the risks inherent in asset management. The Chief Executive of ABAMCO, Mr. Najam Ali, is a Chartered Accountant with extensive exposure to the financial sector. The Chief Investment Officer is an MBA with considerable buy-side and sell-side experience in Pakistan’s financial and capital markets. The fund manager of UTP-ISF is a graduate in commerce having extensive experience in the financial sector.
 
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