PACRA maintains the Investment Advisor Rating of BMA Investment Advisors Limited

The rating of BMA Investment Advisors Limited (“BMA-IA” or the “Company”) reflects the strategic direction and leadership oversight supporting the Company’s business development and institutional progress. The management’s emphasis on sustainable growth, sound governance practices, and organizational capacity building continues to underpin the Company’s evolving business profile, CIS license and expansion in AUM. The rating also takes into account the expansion in Assets Under Management (AUM), CIS licence, improvement in the equity base, and the Company’s continued profitability, alongside progress in its organizational structure, investment management framework, and investor reporting practices. The Company has maintained an encouraging growth trajectory, supported by an increase in business volumes and the expansion of its investment advisory operations. Growth in the SMA portfolio reflects the Company’s ability to attract and retain mandates, while satisfactory investment performance has contributed to maintaining client relationships and supporting recurring revenue generation. BMA-IA continues to focus on strengthening its service delivery standards and maintaining transparency in its investment management activities. In this regard, the Company has undertaken improvements in its Standard Operating Procedures (SOPs) and internal policies to enhance operational discipline and control mechanisms. Furthermore, the Digital Portal has been facilitate investors through access to real-time market updates, portfolio performance indicators across different time horizons, and daily Net Asset Values (NAVs). The Separately Managed Accounts (SMA) portfolio registered substantial growth of 74% as of June 2026 compared to June 2025. As per management representation, the SMA mandates delivered satisfactory portfolio returns, with performance exceeding relevant benchmarks in certain instances, thereby contributing to the generation of performance-based fees. In addition to its SMA business, BMA-IA expanded its product portfolio through the launch of three funds in May 2026, namely BMA Islamic Noor Cash Fund, BMA Money Market Fund, and BMA Stock Fund, with AUM of PKR 9.6bln, PKR 2.3bln, and PKR 316mln, respectively.
On the financial front, the Company demonstrated growth in its recurring management fee income, which increased to PKR 185 million as of June 2026 from PKR 132 million in June 2025, primarily supported by higher AUM levels. However, performance-based fees declined to PKR 275 million from PKR 328 million during the same period, partially offsetting the increase in management fee income. Consequently, the Company’s profit after tax (PAT) stood at PKR 106 million as of June 2026, compared to PKR 164 million in June 2025. The Company’s equity base stood at approximately PKR 330 million at the end of June 2026, providing support to its financial position and operational capacity.
Going forward, the longevity and commitment of the investors within the SMA portfolio, along with a consistent performance track record and high-quality client servicing, will be key to maintaining the assigned rating. Additionally, reducing the concentration among the top ten investors will be essential for the continued stability and growth of the Company.

About the Entity
BMA Investment Advisors Limited was incorporated in April 2005 and obtained its licenses for investment advisory and asset management. The Company is a wholly owned subsidiary of BMA Capital Management Limited. Mr. Haris Anwar is the Chief Executive Officer of the Company. The Company has a three-member board, two of whom are non-executive, and one is independent. Mr. Salim Khan has been serving as the Chairman of the Board since October 2017.