3i Asset Management to bring Tk 250m open-end MF

The new generation asset manager---3i Asset Management Company--- is going to bring an open-end mutual fund named “3i AMCL First Mutual Fund” worth Tk 250 million.

Of the total target size, the sponsor of the fund, 3i Asset Management, will provide 10 per cent or Tk 25 million while the remaining Tk 225 million will be collected through unit sales to all kinds of investors.

The face value of each unit of the fund will be Tk 10.

Sandhani Life Insurance is acting as trustee while the state-run ICB Capital Management is working as custodian of the mutual fund.

A trust deed among 3i Asset Management, Sandhani Life Insurance and ICB Capital Management was signed on Tuesday at the boardroom of ICB Capital Management in the capital.

Mazeda Khatun, chief executive officer of ICB Capital Management, Istak Ahmmed, managing director & CEO of 3i Asset Management and Mizanur Rahman, vice-president and company secretary of Sandhani Life Insurance signed the agreement on behalf of their respective organizations.

The objective of the fund is to provide a lucrative dividend to its shareholders by making money by getting capital gain and cash dividend from listed companies.

A mutual fund is a professionally-managed investment scheme usually run by an asset management company that pools money from investors and invests their money in stocks, bonds and other assets. Depending on the profits earned, investors are then paid back in the form of dividends.

Open-ended mutual funds have no timeframe to mature.

Currently, 36 closed-end mutual funds are listed on the Dhaka Stock Exchange while the number of open-end mutual funds is 89.

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