United Commercial Bank Limited has launched a subsidiary named UCB Asset Management Limited to extend its business and to provide its customers investment options.
Anisuzzaman Chowdhury the Vice Chairman of Bangladesh Bank Association, who is also the chairman of UCB Executive Committee initiated the UCB subsidiary at the launching ceremony at Hotel Westin in Dhaka.
An Asset Management Company is operated through pooled funds from its clients, putting the capital to work through different investments including stocks, bonds, and more.
AMC has solutions for both high net worth investors and smaller investors. For high net worth they offer managed accounts and for the smaller investors they have mutual funds which they can manage in a single centralised portfolio.
With the new one, 46 AMCs are now operating in the country.
Mr. Anisuzzaman stated that UCB Asset Management Limited will play a significant role in upgrading the professional wealth management service in the country.
As a special guest Mohammed Shawkat Jamil, the Managing Director of UCB, said that innovation and diversification is the prime requirement for the Asset Management sector and UCB will bring innovation to this sector.
UCB Asset Management Chairman Arif Quadri said that the authorised capital and paid-up capital of the AMC were BDT 50 crore and BDT 5 crore respectively and UCB held 99.9% of its shares.
Prime focus of UCB Asset Management Company would be on generating superior risk adjusted returns on a consistent basis for its investors, he said.
The Chief Executive Officer of UCB Asset Management Limited Shekh Mohammad Rashedul Hasan was also present there.