PACRA Maintains Asset Manager Rating of Atlas Asset Management Limited
|Rating Type||Asset Manager|
The rating reflects the company’s qualified and experienced management team, structured investment process and sound quality of systems. The affiliation of Atlas Asset Management Limited with an acknowledged business group, -Atlas Group, gives support to the rating. The rating incorporates enhancement in the AUMs base by 10% resulting in an increase in its system share (Dec-17: 5.1%, Dec-16: 4.4%) which is owed to the brand name and the fund performance. Furthermore, the company is one of the initial four pension fund managers who have been issued license voluntary pension schemes. Increased focus of the management towards strengthening the investment decision making process lends support to the performance of funds.
The rating is dependent on the company’s business plan to expand its outreach by opening up new sales branches with a greater focus towards retail penetration. Moreover, sustainability and improvement in performance of funds remains imperative. Continued demonstration of high governance standards and risk management is critical.
Atlas Asset Management Limited (AAML), incorporated in August 2002 and a part of Atlas Group (AG), is a wholly owned (100%) subsidiary of Shirazi Investments (Pvt.) Limited (SIL) – the holding company of Atlas Group. Atlas Group, founded in 1962 with establishment of SIL, is a diversified group dealing in manufacturing, power, financial services, and trading. It consists of four companies listed on the Stock Exchanges in Pakistan, and a number of non-listed companies.
AAML’s seven-member board of directors comprises five representatives of Atlas Group including CEO, the other two are independent directors. During 2HFY18, Ms Zehra Naqvi and Mr. Muhammad Abdul Samad joined company’s board. The board has three sub-committees for providing oversight on the company’s affairs: 1) Audit Committee, 2) Human Resource Committee and 3) Investment Committee