Atlas Asset Management Limited ("AAML" or the "AMC"), is a public unlisted company incorporated in 2002, under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). Licensed under NBFC Rules, 2003, and NBFC Regulations, 2008, Atlas operates as an asset manager, investment advisor, and Pension Fund Manager under the Voluntary Pension System Rules, 2005. It has also obtained licenses for private equity, venture capital, and REIT management. . Its registered office is located at Federation House, Shahrah-e-Firdousi, Clifton, Karachi, and it operates ten branches across Karachi, Lahore, Islamabad, Rawalpindi and Peshawar.

The AMC is a wholly owned subsidiary of Shirazi Investments (Private) Limited and forms part of the Atlas Group. It offers a diverse set of investment products, including mutual funds, pension schemes, separately managed accounts (SMAs), REITs and private equity funds, to both individual and institutional investors. As at Sep'26, the AMC managed fifteen open-end funds across money market, income, equity, funds of funds and Islamic categories, five voluntary pension schemes (conventional and Islamic), a private equity fund, a newly launched REIT and a portfolio of discretionary SMAs. This breadth allows the AMC to cater to a wide range of risk-return preferences and to cross-serve retail, high-net-worth and institutional clients.

AAML continues to strengthen its foothold in the domestic asset management industry, with its market share standing at approximately 4% as at end-September 2026. The AMC's assets under management stood at about PKR 165.6bln at end-June 2026 and increased to approximately PKR 170bln by end-September 2026, reflecting steady net inflows, valuation gains and the continued expansion of its investor base. The AMC ranks among the established mid-sized players in a competitive industry and has consistently grown its franchise through product innovation and digital distribution.

The AMC's product architecture is well diversified across asset classes and client segments. Its conventional suite includes money market, income, sovereign, liquid, stock market, dividend yield and financial sector funds, while its Islamic platform spans Islamic money market, Islamic income, Islamic stock, Islamic cash, Islamic energy and Islamic building materials funds, alongside Islamic asset-allocation plans. The pension business comprises conventional and Islamic voluntary pension schemes, including dedicated KPK and Punjab schemes. The AMC also manages a private equity fund, a REIT launched in June 2026 and discretionary SMAs under its investment advisory licence. This diversification reduces dependence on any single asset class and supports revenue stability across market cycles.

The top-ten investor concentration stands at approximately 50% of total AUM, supported by a sizeable share of group-related investments comprising close to 49% of total AUM. The presence of group funds and long-standing institutional mandates provides stability and cushions the AMC against sudden redemption pressures. Retail investors account for about 25% of AUM, while institutional investors account for the remaining 75%. Going forward, the AMC intends to broaden its investor base, deepen retail penetration and gradually dilute concentration levels, which would further strengthen the durability of its fee income.

The AMC is a wholly owned (100%) subsidiary of Shirazi Investments (Pvt.) Limited – the holding company of Atlas Group.

Shirazi Investments (Private) Limited, established in 1962, acts as the Group's flagship investment vehicle with a well-diversified portfolio spanning capital markets, fund management, underwriting, real estate and venture capital. This breadth enables long-term value creation and financial stability, and gives AAML access to deep capital-market expertise, established relationships and a shared pool of governance talent. The Group's operating philosophy emphasises prudent risk-taking, professional management and sustained value creation, all of which are reflected in the AMC's own operating culture.

AAML draws strength from the Atlas Group's robust financial position, built over decades of diversified and profitable business operations. With shareholders' equity and assets exceeding USD 1bln, the Group provides substantial financial backing and stability to the AMC. This sponsorship underpins the AMC's ability to invest in technology, people and product development, and provides comfort that the franchise can withstand cyclical pressures in the asset management industry. The Group's track record of supporting its financial-services businesses through varying market conditions is an important element of the rating.

The AMC's seven-member Board consists five representatives of the Atlas Group, including the Chief Executive Officer, and two Independent Directors. Six members serve in a non-executive capacity, with the CEO being the sole executive director. This composition combines sponsor representation, independent oversight and executive insight, and provides an appropriate balance for effective stewardship of the AMC.

Mr. Iftikhar H. Shirazi, the Chairperson of the Board, brings over 32 years of experience in corporate management, particularly in the financial and trading sectors. He also chairs Shirazi Investments (Private) Limited, Atlas Insurance Limited, Shirazi Trading Company (Private) Limited, Atlas Foundation, Atlas Vocational Training Institute, and Atlas Information Technology Resource Center. The Board’s collective expertise spans capital markets, investment banking, economic affairs, finance, corporate banking, and insurance. Mr. Frahim Ali Khan brings extensive experience and a long-standing association with the Group across multiple business sectors. Mr. M. Habib-ur-Rahman adds strong governance and capital-market expertise, given his prior leadership roles in the asset management industry, including as a former Chief Executive of AAML and former Chairman of MUFAP. Mr. Ali H. Shirazi provides strategic input through his diversified leadership exposure across various Group companies. Ms. Zehra Naqvi contributes valuable oversight with her experience in the insurance and petroleum sectors. Mr. Shamshad Nabi further reinforces governance with his audit and financial oversight experience as Chair of the Audit Committee. 

The Board ensures an effective governance structure through its committees, namely (i) the Audit Committee, (ii) the Human Resource & Remuneration Committee and (iii) the Investment Committee. The Audit Committee, chaired by an Independent Director, met four times during the year and oversees financial reporting, internal controls and the internal and external audit functions. The Human Resource & Remuneration Committee, also chaired by an Independent Director, met twice and oversees compensation, succession planning and human-capital matters. The Investment Committee provides oversight of the investment process and portfolio decisions. The clear segregation of oversight responsibilities and the presence of independent directors on the key committees support the quality of corporate governance.

The AMC has an in-house internal audit department, led by Mr. M. Uzair Uddin Siddiqui, to assess and enhance the internal control system. The department reports directly to the Audit Committee, preserving its independence from management. BDO Ebrahim & Co., classified as an 'A' category auditor by the State Bank of Pakistan, has been appointed as the external auditor and has issued an unmodified opinion on the financial statements for the year ended June 30, 2026. The combination of a functioning internal audit function, an independent external auditor and an active Audit Committee provides strong assurance over the integrity of financial reporting and internal controls.

The AMC operates under the guidance of Chief Executive Officer, who oversees various departments, each with well-defined and specific functions. These include: 1) Finance, 2) Customer Services & Quality Assurance, 3) IT, 4) Internal Audit, 5) Sales and Marketing, 6) HR & Admin, 7) Risk Management, 8) Compliance, and 9) Investment Advisory.

The senior management team comprises highly qualified professionals with long-standing association with the AMC, reflecting stability and institutional continuity. The CEO, Mr. Muhammad Abdul Samad, brings over 24 years of industry experience, including 20+ years with AAML, and holds multiple leadership and board-level credentials. Mr. Khalid Mahmood, Chief Investment Officer, possesses over 23 years of experience in fund management and investment research. Ms. Qurrat-ul-Ain Jafri, the CFO, brings over two decades of financial management experience, ensuring sound financial oversight and control. Mr. Tariq Ahmed Siddiqui, Head of IT, has more than 20 years of technology leadership, advancing the AMC’s digital initiatives and strengthening its IT infrastructure.. Additionally, the Chief Internal Auditor, Mr. M. Uzair Uddin Siddiqui, and the GM Alternate Investments, Mr. Muhammad Umar Khan, bring extensive experience in audit, compliance, and portfolio oversight. Collectively, the team demonstrates strong functional expertise and supports effective execution of the AMC's strategic objectives.

The AMC has continued to strengthen its operational efficiency and digital outreach. ITMinds Limited provides back-office support, covering accounting settlements, unit-holding management and NAV computation, enabling the AMC to focus on core investment and distribution functions. To safeguard investor data, the AMC has significantly enhanced its cybersecurity framework, ensuring robust information-security controls, and has appointed a dedicated Manager Information Security. The AMC has actively explored digital avenues to expand its retail footprint, with initiatives such as OneLink integration aimed at simplifying investor transactions and enhancing convenience. The Atlas Invest mobile application allows investors to manage their investments on the go, while automated NAV distribution via SMS and the website further improve accessibility.

The AMC has devised detailed policies for information technology, operations, research, investment and risk management. The AMC uses dedicated software that notifies about any breach in exposure limits and specified margins, enabling timely corrective action. Operational risk is managed through policies, plans and processes approved by the Board, and the AMC regularly monitors key risk indicators and maintains a loss-data inventory. A disaster recovery plan and guidelines for information security, employee conduct and the prevention of fraud and forgery are in place to ensure the smooth functioning of operations.

The AMC maintains a comprehensive risk management framework, developed in line with SECP requirements, to oversee and control credit, market, and liquidity risks. An internally designed risk evaluation mechanism facilitates assessment of portfolio-level exposures and timely identification of emerging risks and performance deviations. Clearly established investment limits, counterparty selection parameters, and margin requirements are supported by automated system controls and built-in checks, reducing reliance on manual oversight. The framework enables ongoing monitoring of investment portfolios and ensures compliance with regulatory requirements, internal risk policies, and prudent investment standards. At the AMC level, credit risk primarily emanates from receivables against funds under management and other outstanding balances. Short-term investments are placed in collective investment schemes carrying sound credit profiles, while bank balances are maintained with financially sound institutions. Furthermore, the underlying funds from which receivables arise carry PACRA-assigned fund stability ratings ranging from AA+ to AA-, thereby limiting counterparty risk exposure.

The AMC maintains a sound liquidity management framework to support seamless fund operations and timely settlement of investor transactions. Liquidity is monitored on an ongoing basis through regular assessment of cash positions, redemption trends, and prevailing market conditions. A significant proportion of fund assets is allocated to highly liquid instruments, ensuring ready access to funds to meet redemption obligations. At the AMC level, the liquidity position remains comfortable, with short-term investments of PKR 1,403mln and cash and bank balances of PKR 29mln adequately covering current liabilities of PKR 230mln, translating into a current ratio of approximately 7.5x. This provides financial flexibility and supports the AMC’s operational requirements.

The AMC follows a structured approach to market risk management, supported by clearly defined parameters for measuring and monitoring portfolio exposures. Value-at-Risk (VaR) and sensitivity analysis are employed to assess potential portfolio movements under different market scenarios. These tools facilitate informed investment decisions and timely portfolio rebalancing in response to changing market conditions. Furthermore, investment strategies are implemented through active portfolio management, with asset allocation and duration profiles aligned with the respective investment mandates and risk appetite of individual funds.

The AMC's Investment Committee comprises eight members: a non-executive director, the Chief Executive Officer (who chairs the Committee), the Chief Investment Officer, the GM Alternate Investments and four fund managers, one of whom serves as member and secretary. The inclusion of a non-executive director provides independent oversight of the investment process, while the presence of the senior investment leadership and fund managers ensures that decisions are informed by day-to-day portfolio insight.

The Investment Committee has an adequate composition and oversight structure, holding formal weekly meetings to deliberate on investment decisions, monitor portfolio performance, and evaluate prevailing market dynamics. Fund managers are entrusted with executing approved investment strategies and overseeing day-to-day portfolio management, with defined responsibilities and accountability. The established meeting frequency, documented deliberations, and clear segregation of investment approval and execution contribute to a disciplined and consistent investment decision-making process.

The Research Department functions under the supervision of the Chief Investment Officer and is supported by a team of investment analysts with academic backgrounds in accountancy and management sciences. The department follows a systematic research approach, facilitating comprehensive market analysis, continuous coverage, and timely investment insights. Its analytical capabilities provide a sound basis for investment decisions, with research findings regularly incorporated into Investment Committee discussions, fostering a well-informed and research-oriented investment process.

The AMC has introduced an Investors Help Desk System to streamline the handling and resolution of investor queries. It has also enhanced its digital offerings through various online financial tools, including a tax-saving calculator and an industry-first Pension Simulator, which provides projected financial outcomes based on actuarial estimates. These initiatives facilitate greater investor engagement, promote informed financial planning, and improve the overall investor experience.

The AMC maintains a comprehensive website that provides investors with access to key information, including its corporate profile, management details, NAV history, fund performance, product offerings, and relevant disclosures. Additionally, the AMC facilitates investor communication through automated NAV updates via SMS. Its Atlas Invest mobile application enables convenient digital access to investment-related services, while periodic fund fact sheets and performance reports ensure transparency and keep investors updated on portfolio performance.

The AMC continues to focus on strengthening retail penetration. Through its association with Shirazi Investment (Pvt.) Ltd., it has developed a growing footprint among domestic retail and corporate investors. The AMC’s distribution strategy remains primarily digital-centric, as it does not rely on external distributors; instead, it leverages the Emlaak platform for seamless and cost-efficient investor onboarding, supporting scalable retail growth. In addition, the AMC operates 10 branches across major cities, including Karachi, Lahore, Islamabad/Rawalpindi, and Peshawar, to enhance investor outreach and accessibility.

As of Sep’26, the AMC’s AUM increased by ~4% to PKR 170bln (Sep’25: PKR 165bln), indicating a moderate growth in assets under management. The AMC has expanding investor base, which is expected to further strengthen with the onboarding of new clients.Fund performance remained mixed, with money market and income funds generally delivering competitive returns, while certain equity funds underperformed their respective benchmarks.

The AMC’s financial profile remained sound during the period, with total assets increasing by ~30% to PKR 3.5bln as of Jun’26 (Jun’25: PKR 2.7bln), supported by a stronger equity base of PKR 3.1bln (SPLY: PKR 2.1bln), reflecting a ~48% increase. Revenue also grew by ~21% to PKR 2,019mln (Jun’25: PKR 1,673mln), supported by growth in AUMs. Despite a ~4% decline in operating profit to PKR 945mln (Jun’25: PKR 982mln), PAT increased marginally by ~1% to PKR 753mln (Jun’25: PKR 749mln), reflecting the AMC’s continued profitability and relatively stable financial performance.