JS Investments Limited (“JSIL” or the “AMC”) 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.

JS Investments Limited (JSIL) (estd. 1995) is Pakistan’s oldest private sector Asset Management Company, founded by INVESCO PLC, Europe’s largest investment manager, and the International Finance Corporation (IFC), the World Bank Group's private sector arm. In 2012, JSIL became a subsidiary of JS Bank Limited, after the acquisition of 52.02% stake, which later increased to 84.56%. This reflects the Bank’s continued confidence and strategic commitment to the asset management business. JSIL offers a diverse range of investment solutions, including mutual funds, pension schemes, SMAs, REITs, and private equity funds, designed to meet the evolving needs of both individual and institutional investors.

JSIL is aggressively working to strengthen its penetration in the industry. Currently, the market share of the AMC stood at ~3.72% as of the end of Sep'2025.

JSIL manages a diverse portfolio of seventeen funds across Conventional and Shariah-compliant categories, four voluntary pension schemes, the KP Pension Fund, one Exchange Traded Fund, and one closed-end fund, the JS Rental REIT Fund.

As of Sep'25, the top-10 investor concentration at the fund level in a few funds remained high, ranging between 60%-80%, with related party holdings averaging ~8%. At the AMC level, overall investor concentration stood at 53%. Going forward, the AMC’s strategy is to broaden its investor base to dilute concentration levels.

JSIL is a subsidiary of JS Bank Limited, which holds an 84.56% stake, while the remaining 15.44% is owned by financial institutions and the general public.

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 675bln at end-Sep'25 accompanied by the equity of PKR 46.5bln. 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. Ms. Aisha Fariel Salahuddin, Founder & CEO of UpTrade, brings over a decade of global experience in energy finance. Mr. Hasan Shahid serves as Director of Finance and Company Secretary at JSCL and previously as CFO. Mr. Farooq Ahmed Malik, Founder of Interwood Mobel, has over 55 years of leadership and public-sector experience. Ms. Mediha Kamal Afsar, with degrees from LSE and Regents Business School, has expertise in 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.

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 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 utilizes a Unit Management System and ERP application by Softech Systems (Private) Limited and manages its IT operations independently, while ITMinds provides outsourced IT and back-office solutions to several other asset management companies. The management has established a four-member IT Steering Committee to address IT matters efficiently. In line with its focus on digital transformation, JSIL has engaged SOAR (Security Orchestration, Automation and Response) services to strengthen its cybersecurity framework. The AMC is also in the process of redesigning and relaunching its mobile application to enhance customer convenience and improve service efficiency. Furthermore, JSIL is introducing 1Link integration to facilitate seamless investor deposits and incorporating a CNIC OCR feature to simplify the account opening process. Overall, the Company continues to make notable progress on the digital front, aiming to provide a more secure and user-friendly experience to its customers.

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.

Policies, risk budgets, and limits are well-defined across all funds, reflecting a structured and disciplined approach to credit risk management. The AMC follows a conservative investment strategy, maintaining exposure primarily to high-quality issuers with strong credit profiles. The Risk Management Department conducts periodic credit assessments and stress testing to ensure portfolio soundness and compliance with both internal prudential limits and SECP guidelines. Furthermore, counterparty exposure and concentration risks are closely monitored, with diversification measures in place to mitigate potential losses arising from any single obligor. Overall, the AMC maintains a sound credit risk profile, supported by prudent policies and strong oversight mechanisms.

The AMC maintains a strong liquidity profile, supported by prudent asset allocation and active monitoring of redemption requirements. The department ensures adequate liquidity by investing in readily marketable instruments and maintaining sufficient liquid reserves across funds. Internally developed frameworks are used to classify securities into liquid, semi-liquid, and illiquid categories, enabling effective liquidity planning. This disciplined approach ensures smooth fund operations and timely fulfillment of investor obligations.

The AMC employs a comprehensive framework to manage market risk, utilizing tools such as Value-at-Risk (VaR) analysis, beta analysis, and periodic stress testing to assess portfolio sensitivity under varying market conditions. Exposure limits for interest rate–sensitive instruments are clearly defined and subject to continuous monitoring and periodic review by the management. This proactive approach enables timely identification and mitigation of potential market vulnerabilities, thereby supporting portfolio stability and prudent risk-taking across funds.

The investment decision-making process is well-structured with the CEO providing critical support. The members of the investment committee also include the CIO and fund managers. The AMC’s Research Department supports the Investment Committee with independent insights, preparing investment cases and market analyses to guide decisions. Its research ensures recommendations are well-founded, aligning strategies with market trends and risk considerations.

The investment committee regularly reviews the investment strategy and performance of each fund to assess the impact of various factors. The addition of an independent research head would further enhance the committee's effectiveness. 

The research department, which falls under the purview of the CIO, is headed by Mr. Aijaz Ali. He possesses years of experience in equity research. The research function at JSIL follows a robust and research-driven approach, combining both top-down and bottom-up analysis to support informed investment decisions. The team conducts comprehensive reviews of macroeconomic trends, sector dynamics, and company fundamentals, integrating insights from in-house financial models and market data systems. Continuous tracking of economic indicators and listed entities enables the timely identification of investment opportunities and risk factors. This analytical rigor strengthens portfolio construction and enhances the AMC’s ability to deliver consistent performance across its funds.

The AMC has significantly invested in digital services to enhance customer engagement, offering solutions like customer onboarding, SMA wealth management, digital pension fund onboarding, and a WhatsApp bot. The Zindigi App, aimed at Gen Z and millennials, delivers user-friendly financial solutions. news and financial market updates, equity market indices, investment account details, and E-transactions.

JSIL disseminates monthly unit holder statements, including monthly NAVs, benchmark return comparisons, and asset allocations. JSIL regularly publishes its Fund Manager Reports (FMRs) on its website and offers an efficient WhatsApp bot for quick investor assistance.

Currently, JS Bank, the Parent Company, BankIslami Pakistan Limited, and other Group entities serve as key distribution partners of JS Investments Limited. The AMC benefits from this extensive network, leveraging JS Bank’s wide branch footprint and customer base, as well as BankIslami’s outreach to a growing pool of Islamic investors. This collaborative distribution model has strengthened the AMC’s market presence and contributed to a steady increase in its retail investor base.

At end-Sep’25, the AUMs stood at around PKR 112bln (Sep`24: 78bln), representing a market share of nearly 3.72%. The AMC has shown steady growth in its AUM base, driven by a strong focus on retail investors and successful efforts to attract new clients through enhanced outreach and engagement initiatives. Over the past year, most of the funds outperformed their respective benchmarks, while the performance of the equity category remained broadly in line with industry trends. The AMC's continued emphasis on product diversification and digital accessibility has further strengthened its market positioning.

At end-Sep’25, the AMC’s total assets stood at PKR 3,851mln (Dec’24: PKR 3,581mln), while equity improved to PKR 2.5bln (Dec’24: PKR 2.1bln), reflecting healthy internal capital generation. During 9MCY25, the AMC recorded a profit after tax (PAT) of PKR 370mln (9MCY24: PKR 256mln), mainly driven by a notable rise in management fee income, which surged by 132% to PKR 795mln (9MCY24: PKR 343mln). Consequently, the operating profit strengthened significantly, increasing by 312% to PKR 227mln (9MCY24: PKR 55mln), indicating improved operational efficiency and revenue growth.