JS Investments Limited (“JSIL” or the “Company”) is a publicly listed company on the Pakistan Stock Exchange (PSX), incorporated in 1995, under the Companies Act, 2017. Licensed under NBFC Rules, 2003, and NBFC Regulations, 2008, JSIL operates as an asset manager, investment advisor, and Pension Fund Manager under the Voluntary Pension System Rules, 2005. It has obtained licenses for private equity, venture capital, and REIT management from SECP and is actively operating in the REIT segment.

JSIL was founded by INVESCO PLC, Europe’s largest investment manager, and IFC, the World Bank Group's private sector arm.

JS Investments Limited offers a comprehensive suite of investment solutions catering to both individual and institutional investors. The Company’s product portfolio spans mutual funds, voluntary pension schemes, separately managed accounts (SMAs), real estate investment trusts (REITs), and private equity funds, reflecting a well-diversified operational framework and ability to address varying risk-return preferences across client segments.

JSIL is a subsidiary of JS Bank Limited, which holds an 84.73% stake, while the remaining 15.27% is owned by financial institutions and the general public.

Building on extensive experience across the capital markets, equity brokerage, financial, and banking sectors, the Company demonstrates strong operational stability, underpinned by diversified expertise and a well-established industry presence.

JS Bank Limited, a subsidiary of Jahangir Siddiqui & Co. Limited (JSCL), serves as a key financial arm of the Group, contributing to its diversified presence across the banking and financial services sector. JSCL serves as the holding company for JS Group, which is primarily focused on financial services, including asset management, securities and commodities brokerage, commercial banking, and insurance, alongside other diversified activities.

JS Bank Limited has an unconsolidated asset base of PKR 655bln at end-Dec’25 accompanied by the equity of PKR 46.6bln. The long-term credit rating of JS Bank is ‘AA ‘and the short-term rating is ‘A1+’.

JSIL’s Board comprises eight members, including the CEO. The CEO serves as the Executive Director, while the remaining members include four Non-Executive and three Independent Directors. The board includes three female Directors.

The Chairperson, Mr. Suleman Lalani, also serves as group president of JSCL. He is a Fellow Chartered Accountant (FCA) from the Institute of Chartered Accountants of Pakistan and has over 25 years of financial services experience. He has over a decade of leadership experience, having served as CEO of JSCL, and previously as Executive Director of Finance & Operations, Company Secretary, and CFO at JS Investments Limited, as well as CFO and Company Secretary at The First Microfinance Bank Limited. The Board brings an average of 25 years of diversified experience across banking, finance, investments, microfinance, acquisitions, restructuring, international marketing, economics, and technology, with members possessing strong profiles and industry-relevant expertise. Mr. Hasan Shahid serves as Director of Finance and Company Secretary at JSCL and previously as CFO. Ms. Mediha Kamal Afsar, with degrees from LSE and Regents Business School, has expertise in the financial and FMCG sectors. Mr. Faisal Anwar, an IBA graduate, has over 25 years of banking experience across leading local and international institutions. Mr. Syed Kazim Raza, a certified director and veteran banker, has over 30 years of experience in retail and branch banking leadership roles. Ms. Maria Mittermair, recently appointed to the Board, brings extensive international experience in strategy, regulatory affairs, and stakeholder engagement across multiple sectors. Mr. Ahsan Jamal, recently inducted to the Board, contributes strong expertise in digital transformation, fintech, and innovation within the banking sector.

To maintain an effective control environment and ensure compliance with reporting standards, JSIL has established an Audit Committee, HR Committee, and Executive Risk Management Committee at the Board level. These committees operate under Board-approved Terms of Reference (TORs).

JSIL has outsourced its internal audit function to M/S BDO Ebrahim & Co. for effective control monitoring. The external auditors, M/S KPMG Taseer Hadi & Co., hold a satisfactory QCR rating and are classified in the 'A' category on the SBP Panel of Auditors.

JSIL has a well-defined organizational structure based on eight departments, i) HR and Administration, ii) Compliance and Risk Management, iii) Business Development, iv) Investments and Research, v) Information Technology, vi) Finance, vii) Internal Audit and viii) Operations.

JSIL's management team, led by CEO Ms. Iffat Zehra Mankani since April 2021, brings over 20 years of experience across public and private markets. She previously served at PwC Canada’s Deals Advisory team, specializing in financial instruments and private debt valuations. The team’s expertise spans financial management, internal controls, corporate governance, capital markets, investment management, equity advisory, and private banking. Mr. Muhammad Khawar Iqbal, Chief Operating Officer and Company Secretary, brings over 27 years’ experience in finance, operations, compliance, and corporate governance, and holds a master's degree in business administration and economics. Mr. Raheel Rehman, ACA and Certified Internal Controls Auditor (CICA), serves as Chief Financial Officer (CFO), overseeing financial management and controls. Mr. Malik Zafar Javaid, Chief Compliance and Risk Officer, holds a Master’s in Public Administration and specializes in risk governance and regulatory affairs. Mr. Syed Hussain Haider, Chief Investment Officer and CFA Charterholder, holds an MBA from IBA Karachi and leads investment strategy and portfolio management. Mr. Syed Muhammad Anwer, Head of Information and Technology, brings a blend of business and technical expertise, while Ms. Samina Faisal, Country Head of Business Development, CFA Chartered Holder and MBA graduate from IBA Karachi, spearheads business growth and client relationships. Mr. Abdul Basit Siddiqui, Head of Wealth Management, brings over 20 years of diversified banking experience across retail, wealth management, and Islamic banking sectors.

JSIL has established key management committees with clearly defined roles and responsibilities within its organizational structure. These committees improve the effectiveness of operational decision-making by ensuring better coordination across departments, minimizing gaps, and maintaining alignment with the Company’s strategic objectives.

JSIL utilizes a Unit Management System and ERP application by Softech Systems (Private) Limited and manages its IT operations independently. At the same time, ITMinds provides outsourced IT and back-office solutions to several other asset management companies. Management has established a five-member IT Steering Committee to efficiently address IT matters. In line with its focus on digital transformation, JSIL has engaged SOAR (Security Orchestration, Automation, and Response) services to strengthen its cybersecurity framework.

The Compliance and Risk Management Department ensures rigorous adherence to all statutory requirements and internal policies. Functional segregation is effectively implemented to prevent overlaps and enhance the control environment. Robust KYC and AML frameworks are in place, with strict ongoing monitoring to ensure full regulatory compliance and mitigate operational risks.

The business environment in Pakistan remained challenging in 2025, with ongoing economic stabilization measures impacting overall market sentiments. Despite this, there is a significant gap in SME financing, as an estimated 5 million SMEs operate across formal and informal sectors, contributing around 40% to GDP and providing employment to nearly 30% of the workforce. ME financing expanded significantly by mid‑2025, reaching around Rs. 691 billion with approximately 277,000 borrowers, reflecting increased engagement of financial institutions in this segment. The limited penetration of formal credit and the large unserved SME population highlight ongoing gaps and opportunities in SME financing in the country.

JSIL is aggressively working to strengthen its penetration in the industry. Currently, the market share of the Company stood at ~3% as of the end of Dec'2025.

As of Dec'25, the Company earned a management fee of PKR 1,152mln from the collective investment scheme (CIS) and Voluntry Pension Scheme (VPS),  including PKR 7.9mln from Rental REIT Fund (Dec'2024: PKR 8.3mln). During CY25, the Company reported a 118% increase in management and commission fees from CIS, reaching PKR 1,164mln (CY24: PKR 534mln).

The AUMs at end-Jan'26 amounted to ~PKR 139bln with a market share of ~3%. In the trailing 12 months ending Jan'26, the majority of the funds ranked in the top quartile, with equity category performance aligning with industry trends. Whereas, the Company’s PAT grew and was recorded at PKR 483mln at the end of CY25 (CY24: PKR 449mln) supported by higher management fee, realized/unrealized investment gains, and dividend income. Achieving competitive investment results to sustain and improve funds performance is the principal objective of an JSIL and would remain imperative for the rating. In long run, the funds of an JSIL with noted strengths will usually be superior or at par with peers sustaining adequate earnings.

JSIL maintains a sustainable business model focused on preserving asset quality over the long term. The Company manages a diversified portfolio comprising Conventional and Shariah-compliant funds, voluntary pension schemes, an Exchange Traded Fund, and a REIT scheme, which supports stability and continuity of operations.

The Company maintains a structured approach to credit risk across its diverse investment platforms, including mutual funds, pension schemes, and REITs. Risk limits and budgets are clearly defined and regularly reviewed to ensure adherence to internal policies and regulatory requirements. Investments are largely concentrated in high-quality instruments, while counterparty exposures and sector concentrations are closely monitored. Regular assessments and stress testing underpin portfolio resilience, ensuring the Company’s overall credit risk profile remains conservative and well-managed.

For managing market risk, the Company uses techniques such as Value-at-Risk (VaR) analysis, beta analysis, and stress testing to assess portfolio sensitivity under different market conditions. Exposure limits for interest-bearing and other market-sensitive instruments are regularly reviewed and reported to management to ensure timely monitoring and maintain portfolio stability.

The Company manages liquidity by investing in readily marketable instruments. Internal methods are used to classify holdings into liquid, semi-liquid, and illiquid categories, enabling effective monitoring and management of liquidity across the portfolio.

As of Dec’25, the Company’s equity stood at PKR 2,594mln (Dec’24: PKR 2,111mln), while total assets amounted to PKR 3,360mln (Dec’24: PKR 3,581mln).