The Pakistan Credit Rating Agency Limited
24-Jun-22
Analyst
Muhammad Azmat Shaheen
azmat.shaheen@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
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PACRA Withdraws Asset Manager Rating of BMA Asset Management Limited
| Rating Type | Asset Manager | |
|
Current (24-Jun-22 ) |
Previous (06-Sep-21 ) |
|
| Action | Withdraw | Maintain |
| AM Rating | - | AM4++ |
| Outlook | Stable | |
| Rating Watch | - | Yes |
BMA Asset Management Limited ("BMA" or the "Company") in its recent Board meeting has decided to surrender its AMC license to the SECP and the Company shall continue with the license of Investment Advisory. Therefore, the Company has requested to withdraw the AMC rating.
Subsequent to the request and the management's willingness, PACRA withdraws the AMC Rating of BMA Asset Manager Limited with immediate effect.
About
the Entity
BMA Asset Management Company was incorporated in April 2005 and acquired the license for investment advisory and asset management in April 2005 and July 2005, respectively. Recently, the Company has revoked all funds falling under the CIS scheme and submitted a formal request to SECP to cancel the AMC license. The Company is a wholly-owned subsidiary of BMA Capital Management. Mr. Mian Qasim Saeed Ahmed joined the Company as CEO in August 2020 but he is currently working as president of the Company. The Company is now purely operating as an Investment advisor. The Company has a three-member board, all members are non-executive. Mr. Salim Khan is acting as the Chairman of the board since, October 2017. He possesses vast experience in strategic human resource consultancy and organizational development.