Muhammad Azmat Shaheen
PACRA Maintains Stability Rating of MCB Cash Management Optimizer
|Rating Type||Stability Rating|
MCB Cash Management Optimizer or the "Fund" is a low-risk profile fund. At end-Jun’22, the Fund had allocated ~99% of assets to bank placements and deposits. The Fund invested majority in “AAA” rated banks. The WAM and duration of the Fund was 01 day at end Jun'22. The Fund remained compliant with assigned rating criteria and its stated investment policy. The investor concentration stood at 47.5% at end Jun'22 imposing a moderate redemption risk.
Going forward, in accordance with the investment policy and market expectations the Fund may shift allocations towards shorter duration GoP securities and/or maintain the exposure in higher-rated banks. Material changes in the Fund's asset allocation strategy, impacting its credit quality and/or exposure to interest rate risk, would affect the rating.
MCB-Arif Habib Limited Savings and Investments Limited (MCB-AH or the "Company") is a Public Listed Company, regulated by the SECP. MCB-AH holds licenses for Asset Management, Investment Advisory, and Pension Fund Management. MCB-AH caters to both conventional and Shariah-compliant clientele and is currently managing a diverse product slate of eighteen open-end funds and two voluntary pension schemes. MCB-AH is also managing one of the largest AUMs under the SMA segment and holds a significant position in the investment advisory domain.
The major shareholders of MCB-AH are MCB Bank Limited ~51%, Arif Habib Corporation Limited ~30%, and Adamjee Insurance Company Limited ~8%. The general public holds the remaining ~11% of the shares. Mr. Saqib Saleem is the CEO of the company. MCB-AH's control vests in an eight-member board of directors, including the CEO. There are four non-executive directors, while three directors are independent. The AUMs (CIS & VPS) of MCB-AH increased to PKR 122bln at end-Jun'22 (Dec'21: PKR 110bln).