Public subscription of VIPB Growth Fund begins today

FE Report | Sunday, 11 March 2018

The public subscription of VIPB Growth Fund, the second open-ended mutual fund of VIPB Asset Management starts today (Sunday).

The investors will be able to purchase the units of the VIPB Growth Fund till March 11 this year.

The securities’ regulator -- Bangladesh Securities and Exchange Commission (BSEC) -- approved the prospectus of VIPB Growth Fund on February 6.

VIPB Asset Management is both the sponsor and Asset Manager of the fund, whereas Sandhani Life Insurance Company and BRAC Bank are the Trustee and the Custodian respectively.

The fund has a targeted initial size of Tk 200 million, out of which VIPB Asset Management has subscribed Tk 20 million as the sponsor of the fund. The remaining fund worth Tk 180 million will be collected from investors through sales of units on a first-come-first-served basis. The face value of the units of the fund is Tk 10 each.

After the initial subscription, investors will be able to purchase units of the fund at the price equal to its prevailing net asset value.

VIPB Asset Management is one of the top performing asset management companies in Bangladesh. The company manages two closed-end mutual funds and one open-ended mutual fund and has about Tk. 4.0 billion under management.

Over the years, the company has posted strong performance consistently irrespective of the market situation. The company's existing open-end mutual fund, VIPB Accelerated Income Unit Fund, has generated 33.1 per cent net return in 2017, according to the officials.

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