UCB Asset Management Ltd and Sandhani Life Insurance Company Ltd have signed the trust deed of UCB Income Plus Fund, the third Open-End Mutual Fund to be launched by the new-generation asset manager.
The initial target of the fund is Tk50 crore. Of this, UCB Asset Management has provided Tk5 crore (10% of the initial size of the fund) and the rest will remain open to the general investors, reads a press release.
Md Mizanur Rahman, company secretary of Sandhani Life Insurance and SM Rashedul Hasan, managing director and chief executive officer (CEO) of UCB Asset Management signed the trust deed on behalf of their respective organisations on Wednesday (18 January).
The face value of the fund is Tk10 per unit.
Sandhani will act as the trustee of the fund, while UCB Asset Management will be the sponsor and asset manager.
The Bangladesh Securities and Exchange Commission (BSEC) has recently approved the draft trust deed of the UCB Income Plus Fund.
As the name suggests, the fund will focus on earning stable returns by investing in government securities and high-quality debt instruments.
UCB Income Plus Fund can fulfill the demand side need for retail investors by providing access to a diversified portfolio of fixed income securities, at a relatively low investment, allowing them to potentially earn a steady stream of income.
ATM Tahmiduzzaman, deputy managing director and company secretary of United Commercial Bank PLC; Mohammed Rahmat Pasha, managing director and CEO of UCB Stock Brokerage Ltd; and Tanzim Alamgir, managing director and CEO of UCB Investment Ltd were also present at the event at the asset manager’s office in the capital.