Karachi, March 17, 2017: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has upgraded the Management Quality Rating of Al Meezan Investment Management Limited (AMIML) to ‘AM-1’ (AM-One) from ‘AM-2++’ (AM-Two Plus Plus). Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on May 4th, 2016.
The rating upgrade reflects the company’s strong franchise and sizeable as well as increasing market share with continuous growth in retail penetration. The rating also incorporates consistent fund performance, well-formalized practices for investment processes, risk controls and compliances. Overall governance framework draws support from stable and professional management team along with adequate risk oversight.
AMIML is the largest private sector AMC in the country, reflective of its strong operations and franchise. Assets under Management (AUMs) have recently crossed Rs. 100 billion; growth in AUMs has been accompanied with significant increase in retail investor base which accounts for approximately two thirds of the total AUMs. The AMC offers a comprehensive product suite of 24 mutual funds/investment schemes spanning across asset classes including equity, income and commodity funds. Investment decisions are channeled through fundamental research and input from risk management function which contributes to prudent decision making.
Based on a risk adjusted return method, performance of funds under management by AMIML have generally remained among top competing funds. The rating would remain underpinned to the continuity of all the performance indicators outlined above.
For further information on this rating announcement, please contact undersigned (Ext: 201) or Mr. Jamal Abbas Zaidi (Ext: 207) at 35311861-70 or fax to 35311872-3.
Applicable Rating Criteria: Mutual Fund Rating (March 2016)
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