Two mutual funds approved totaling Tk 75cr

The total amount of both funds is Tk 75 crore he Bangladesh Securities and Exchange Commission (BSEC) has approved two open-ended funds. The total amount of both funds is Tk 75 crore. This decision was taken in the 862nd commission meeting on Thursday.

The draft prospectus of the open-ended fund, the BMSL National Housing Growth Fund, was approved. The amount of the fund will be Tk 25 crore. Its sponsor, National Housing Finance and Investments Ltd., will provide Tk 2.5 crore, and the remaining TK 22.5 crore will be available for general investors.

The face value of per unit of the fund is set at Tk 10 and the asset manager of the fund is BMSL Asset Management Company Ltd. Bangladesh General Insurance Company and BRAC Bank will act as trustees and custodians of the fund, respectively.

The commission meeting also approved the draft prospectus of the open-ended UCB INCOME PLUS FUND. The size of the fund is Tk 50 crore. Of the amount, promoter UCB Asset Management Limited has provided Tk 5 crore, and the remaining Tk 45 crore will be available to general investors. The face value of per unit of the fund is also set at Tk 10.