Saturday, May 17, 2008, Jamadi-ul-Awwal 10, 1429    

IGI Funds signs MoU with Pak Brunei investment company

Staff Reporter

Islamabad—IGI Funds Limited, a part of the IGI Financial Services Group, signed a Memorandum of Understanding (MoU) with Pak Brunei Investment Company to set up a “Hybrid Portfolio Fund” which will offer a steady income while providing a high degree of principal safety to its investors. The Fund will be unique in its nature as it is directed towards the needs of a specific investor class.
Ms. Ayesha Aziz, Managing Director, Pak Brunei Investment Company Ltd. expressed her confidence that the Pakistani mutual fund market will continue to grow. She also emphasized the need for focused distribution efforts and customized investor based solutions.
“In line with our commitment to offer the best products, we have decided to work together with IGI Funds Ltd. to launch the PBIC Hybrid Portfolio Fund, a truly unique fund that will offer a safe investment opportunity while providing attractive returns.”
“We are pleased to sign a Memorandum of Understanding with Pak Brunei Investment Company to act as Fund Managers for the PBIC Hybrid Portfolio Fund and believe that the Fund will provide good value in terms of risk-adjusted returns and expect that the Portfolio mix will dominate the mutual fund industry in its asset class in the years to come,” said Ali Shirazee, CEO, IGI Funds Limited.
It is worth mentioning that IGI Funds launched its first fund, IGI Income Fund in April 2007.
The Fund has an investment objective to maximize medium to long-term returns while providing cash management solutions with minimal risk along with a liquid portfolio to its retail and institutional investors. The IGI Income fund has offered consistent returns of 9.5% and above to its unit holders since its inception. The company plans to launch an “Islamic Income and Growth Fund” and a “Blue Chip Fund” in the near future to cater to a broader range of customers.