PACRA Maintains the Stability Rating of Faysal Savings Growth Fund.
|Rating Type||Stability Rating|
The rating reflects fund's strong credit quality and sound liquidity profile. At end‐Jun'19, the portfolio is primarily invested in cash 43% while the remaining
investment was placed in TFCs of 48%.
Going forward, the fund intends to maintain exposure towards corporate debt securities and cash balances. The rating is contingent upon the fund's interest
rate sensitivity and volatility in prices of TFCs in case of exposure to low rated instruments. Material changes in the fund's asset allocation strategy, which
could negatively impact the fund's credit quality and exposure to interest rate risk, remains critical for the rating.
Faysal Asset Management Limited was incorporated in 2003 as an unlisted public limited company under the company's ordinance, 1984. The major shareholding lies with Faysal Bank Limited having almost the entire stake in the company. During Nov-18, Faysal Bank Limited acquired ~50% stake from Bahamas Ltd and 20% from Mr. Razi Ur Rahman Khan – the former CEO of the company. The company is managing a diversified portfolio of twelve open-end funds having AUMs of ~PKR 8.5 billion at end-Jun'19.
The former CEO, Mr. Razi-ur-Rahman Khan left the company amid Nov-18. During Dec-18, Mr. Latif has been appointed as the new CEO of Faysal Asset Management Limited. Mr. Latif has been associated with the capital markets for fifteen years. Mr. Latif is a LUMS Alumni and has done a number of capital market courses with CFA association, Daiwa, J.P. Morgan and Bahrain Institute of Banking and Finance (BIBF). He has also completed his Director certification program from IBA.