ICB Asset Management Company Ltd. (IAMCL)
BASIC FACTS
Background
ICB Asset Management Company Ltd. was established
as part of the restructuring programme of ICB under Capital
Market Development Programme (CMDP) initiated by the Government
of Bangladesh and the Asian Development Bank. The Company
was incorporated as a public limited company with an authorized
capital of Tk. 100 crore and a nominal paid up capital of
Tk. 2.00 lac, which was subsequently increased to Tk. 12.00
crore, under the Companies Act, 1994 with the Registrar of
Joint Stock Companies and Firms on December 05, 2000. The
Company obtained license on October 14, 2001 from the Securities
and Exchange Commission(SEC) under 
to carry out the mutual fund activities. The company started
its operation from July 01, 2002 upon issuance of Govt. gazette
notification.
Business
The company is engaged in investment management; more specifically
floating and managing both open-end and closed end mutual
funds. The company is dedicated towards development of mutual
fund industry as well as the capital market of Bangladesh.
Capital Structure
(Taka in Lacs)
| Particulars |
June 30, 2010 |
June 30, 2009 |
| Authorized Capital |
10000.00 |
10000.00 |
| Paid up Capital |
1200.00 |
750.00 |
| Reserve |
1040.00 |
1040.00 |
| Retained Profit |
1749.24 |
872.53 |
| Total |
3989.24 |
2662.53 |
MUTUAL FUNDS
ICB Asset Management Company Ltd. has so
far floated eleven closed-end mutual funds and two open-end
Mutual Funds through which the small and medium savers get
opportunities to invest their savings in a balanced and relatively
low risk portfolio. The aggregate size of these funds is around
Tk. 815.00 crore.
Conventional Mutual Funds:
| Sl.No. |
Name of the Funds |
Date of Launching |
Nature of the Fund |
Size of the Fund
(TK. in crore) |
| 1. |
ICB AMCL First Mutual Fund |
16/06/2003 |
Close-end |
10.00 |
| 2. |
Prime Finance First Mutual Fund |
04/01/2009 |
Close-end |
20.00 |
| 3. |
ICB AMCL Second Mutual Fund |
09/08/2009 |
Close-end |
50.00 |
| 4. |
ICB Employees Provident Mutual Fund One: Scheme One |
22/11/2009 |
Close-end |
75.00 |
| 5. |
Prime Bank 1st Mutual Fund |
06/12/2009 |
Close-end |
100.00 |
| 6. |
Phoenix Finance 1st Mutual Fund |
07/03/2010 |
Close-end |
60.00 |
| 7. |
ICB AMCl Unit Fund |
21/06/2003 |
Open-end |
150.00 |
Non-Conventional Mutual Funds:
| Sl.No. |
Name of the Funds |
Date of Launching |
Nature of the Fund |
Size of the Fund
(TK. in crore) |
| 1. |
ICB AMCl Islamic Mutual Fund |
12/10/2004 |
Close-end |
10.00 |
| 2. |
ICB AMCL First NRB Mutual Fund |
28/01/2007 |
Close-end |
10.00 |
| 3. |
ICB AMCL Second NRB Mutual Fund |
15/05/2008 |
Close-end |
100.00 |
| 4. |
ICB AMCL Third NRB Mutual Fund |
28/03/2010 |
Close-end |
100.00 |
| 5. |
ICB AMCL Pension Holders' Unit Fund |
18/10/2004 |
Open-end |
30.00 |
| 6. |
IFIL Islamic Mutual Fund-1 |
26/09/2010 |
Close-end |
100.00 |
These funds received spectacular response from the investors. The business of the Islamic mutual funds should be inconsistence with the Sharia Law. With a view to tapping the savings of Non-Resident Bangladeshis (NRBs) for investment in the country's capital market, ICB Asset Management Company Ltd. lunched ICB AMCL First NRB Mutual Fund, ICB AMCL Second NRB Mutual Fund and ICB AMCL Second NRB Mutual Fund. Investors have shown overwhelming interest in all the mutual funds. ICB AMCL Unit Certificates and ICB AMCL Pension Holders’ Unit Certificates are sold and repurchased on the counters of ICB AMCL Head Office and the branch offices of ICB. ICB AMCL Pension Holders’ Unit Certificates are sold exclusively to the retired pension holders. ICB along with some other banks and financial institutions extend loan facility against lien of units. The company plans to launch some other conventional mutual funds named First Agrani Bank Mutual Fund, Sonali Bank Limited 1st Mutual Fund and specialized open-end mutual fund for NRBs named ICB AMCL NRB Unit Fund.
Web site: http://www.icbamcl.com.bd
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