RLIFMF press briefing held

A press briefing on Rupali Insurance First Mutual Fund (RLIFMF), an open-end fund managed by Prime Finance Asset Management Company Limited (PAMC), was held on 17 February 2015 in Hotel Purbani, Dhaka.

DSC_0064Moin Al Kashem, the Managing Director & CEO of PAMC, briefed the journalists present in the occasion, about the prospects of RLIFMF as well as the performance of other open-end fund managed by them.

RLIFMF is sponsored by Rupali Life Insurance Company Limited while Bangladesh General Insurance Company Limited is the trustee and BRAC Bank Limited is the custodian.

RLIFMF was originally a closed-end fund, which was later converted into an open-end one and was registered with Bangladesh Securities & Exchange Commission on 27 January 2014. The initial size of the Fund is Tk 50 crore among which Tk 20 crore has already been subscribed by the sponsor. Balance Tk 30 crore will be subscribed by both institutional and individual investors. Initial subscription of the Fund was started on 1 February 2015 and will continue till 18 March 2015. Minimum subscription amount for individual investors are Tk 5000 only.

Mr. Moin Al Kashem encouraged both institutional and individual investors to invest in open-end fund for a steady return. He mentioned that open-end fund is the future of the country’s mutual fund industry since open-end funds always have to offer sale/repurchase price based on the NAV rather the supply/demand based pricing of close-end fund.

Mr. Moin also recalled the role of PAMC in introducing the first unit fund from the private sector of Bangladesh namely ‘Prime Financial First Unit Fund’. Even in this market, this fund provided dividend of 14% and 10% for 2014 and 2013 respectively.