Press Release

JCR-VIS Reaffirms Management Quality Rating of Pak Oman Asset Management Company Limited
 

Karachi, May 25, 2016: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Management Quality Rating of Pak Oman Asset Management Company Limited (POAMC) at ‘AM4++’ (AM-Four Double Plus). Outlook on the assigned rating is ‘Positive’. The previous rating action was announced on May 4, 2016.

The assigned rating takes into account sponsorship profile of the company with major shareholding vested with Pak Oman Investment Company Limited (POICL), a joint venture of Government of Pakistan and Sultanate of Oman. Strong financial support was exhibited by them through a recent equity injection of Rs. 230m. This enabled POAMC to comply with Minimum Capital Requirement, as also, provided space for reactivating its operations. Some key management resources have been appointed and risk & compliance infrastructure is also being developed along with a business plan. Outcome of these efforts would emerge over time.

Rating is constrained by high concentration of associate investments in funds, a very small retail base & distribution network and start-up size of Assets under Management (AUMs). These areas would need to be addressed by management over time. Though legacy performance of the funds is lagging, returns have showcased an uptick with the recent change of management.

For further information on this rating announcement, please contact the undersigned (Ext: 508) or Javed Callea (Ext: 501) at 35311861-70 or fax to 35311872-3.


Mohammed Khalid Ali
Advisor

Applicable Rating Criteria: Mutual Fund Rating (March 2016)
http://jcrvis.com.pk/Images/AMC-Methodology-201603.pdf

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Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. JCR-VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2016 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited