News

The Pakistan Credit Rating Agency (PACRA) has assigned a 5-Star fund rating to UTP-Income Fund (UTP-IF), which reflects a superior performance relative to its peers. The rating is a composite measure of three factors namely a) returns, b) risk associated with the returns measured by Sharpe Ratio, and c) credit quality of the assets. UTP-IF is the first fund to be rated under the new criteria.

About the Fund: UTP-IF, an open-ended scheme, was established under a Trust Deed executed in July 2002. Currently, Central Depository Company (CDC) is the trustee of the fund. The primary objective of UTP-IF is to optimize the returns without compromising the safety of capital. The Fund primarily invests in CFS / spread transactions, corporate debt instruments, money market placements, and government securities.

About the Asset Manager: Incorporated in 1995, ABAMCO is the largest private sector asset management company in Pakistan, managing assets of above PKR 25bln. It is a subsidiary of Jahangir Siddiqui & Company Ltd. (JSCL), the flagship and main holding company of the JS group. Other institutional shareholders of ABAMCO include AMVESCAP Plc. — a leading global asset management company and International Finance Corporation, a part of the World Bank Group.

ABAMCO has an asset manager rating of ‘AM2’, which reflects the company’s very strong capacity to manage the risks inherent in asset management. The Chief Executive of ABAMCO, Mr. Najam Ali, is a Chartered Accountant with extensive exposure to the financial sector. The Chief Investment Officer (CIO) is an MBA with considerable buy-side and sell-side experience in Pakistan’s financial and capital markets. The fund manager of UTP-IF is also an MBA with a good experience in the related field.