PACRA Maintains Stability Rating of MCB Cash Management Optimizer Fund
|Rating Type||Stability Rating|
The rating reflects the fund's low risk profile emanating from its portfolio allocation towards low risk avenues. At end Dec-18, ~74% of the fund's assets were invested as cash and ~14% as TDRs. The exposure with AAA rated investment avenue was 19%, whereas, exposure with 'AA+' rated avenues were 42%'. The unit holding pattern of the fund emanates moderate liquidity risk as top ten investors represent 55% of the fund's assets at end Dec-18.
Going forward, the rating remains dependent on maintaining exposure with high credit quality financial institutions. Meanwhile, the remaining assets of the fund must be placed with scheduled banks having credit ratings 'AA' and above.
MCB Arif Habib Savings and Investments Limited (MCBAH), incorporated in August 2000 and listed on the Pakistan Stock Exchange, is a major player in the mutual fund industry of Pakistan. In June 2011, MCB Asset Management Company was merged into Arif Habib Investments. The objective was to achieve synergies in asset management business and access a wider distribution network.
The Company's Board has seven members. Two representatives are from MCB, two representatives from Arif Habib Group, two are independent and the CEO. Mian Muhammad Mansha, Chairman MCB, serves as the Chairman of the Board. Mr. Saqib Saleem is the CEO, having work experience of over thirteen years. With overall assets under management of ~PKR47 bln at end Feb’19, the Company is currently managing fifteen open-end funds and two voluntary pension funds.