Dhaka, Bangladesh (BBN) - The Bangladesh Securities and Exchange Commission (BSEC) on Wednesday approved draft prospectuses of two open-end mutual funds (MFs).
The approvals came at a commission meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC) chaired by its chairman Prof M Khairul Hossian.
As per the regulatory approval, the ICL Balanced Fund, an open-end MF, has set its initial target of raising a fund worth BDT 100 million.
Of BDT 100 million, BDT 20 million will be collected from the sponsors, whereas remaining BDT 80 million will be collected from public.
The face value of the units of ICL Balanced Fund is of BDT 10 each.
Impress Capital will work as the fund’s asset manager, whereas Bangladesh General Insurance Company and BRAC Bank are the trustees of the fund.
Another open-end MF named ATC Shariah Unit Fund initially will raise a fund of BDT 100 million. Of BDT 100 million, BDT 10 million and BDT 90 million will be collected from the sponsors and investors respectively.
The face value of the units of the ATC Shariah Unit Fund is BDT 10 each.
Asian Tiger Capital Investment is the sponsor of the fund, whereas Asian Tiger Capital Partners Asset Management is the asset manager of the fund. The Investment Corporation of Bangladesh (ICB) is trustee and custodian of the fund.
BBN/AD/SR