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The Pakistan Credit Rating Agency Limited
Press Release

Date
10-Aug-18

Analyst
Shahzaib Khalid
shahzaib.khalid@pacra.com
+92-42-35869504
www.pacra.com

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This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

PACRA Maintains Asset Manager Rating of AKD Investment Management Limited

Rating Type Asset Manager
Current
(10-Aug-18)
Previous
(22-Dec-17)
Action Maintain Maintain
AM Rating AM3++ AM3++
Outlook Stable Stable
Rating Watch - -

The rating emanates from the company’s sound investment management process, reasonably experienced management team, and improving operating platform. The company's association experienced management team, along with the strengthening of the investment risk management function adds value to the overall decision making process. The rating reflects the company’s strong capacity to manage the risks inherent in asset management. The company has a resourceful human resource base in order to strengthen the organizational structure and enhance the quality of processes. The focused strategy and diversification of fund slate along with the management's plan to further augment it, bodes well in strengthening the company’s profile.

The rating requires the company to raise its market positioning, while achieving diversity in investor as well as overall asset base. The rating is dependent upon the company's ability to successfully execute its business strategy encompassing enhancement in system share and retail penetration.

About the Entity
AKD Investment Management Limited, after acquisition of rights to manage Golden Arrow Selected Stocks Fund (GASSF), commenced operations in September 2004. The company is registered as an Asset Management Company under the Non-Banking Finance Companies Rules, 2003. Company is sponsored by Aqeel Karim Dhedhi Securities (Pvt) Limited (99.97% ownership). Aqeel Karim Dhedhi Securities (Pvt) Limited is majority owned by Mr. Aqeel Karim Dhedhi, Chairman of the AKD Group, a renowned figure in Pakistan's capital market. The remaining stake is held by four directors and an ex-CEO of the company.

The Board of Directors of the company comprise seven members, including its CEO. Mr. Imran Motiwala has been serving as the Chief Executive Officer of AKD Investment Management Limited since 2009. The company is currently managing six open end funds and one closed-end fund with assets under management of ~PKR 6.2 billion at end March-18.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.