Analyst
Muhammad Zain Ayaz
zain.ayaz@pacra.com
+92-42-35869504
www.pacra.com
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Related Research
PACRA Withdraws Stability Rating of BMA Chundrigar Road Savings Fund
Rating Type | Stability Rating | |
Current (18-Mar-22 ) |
Previous (30-Sep-21 ) |
|
Action | Withdraw | Maintain |
Long Term | - | A(f) |
Short Term | - | - |
Outlook | Stable | |
Rating Watch | - | - |
The management of BMA Asset Management Company Limited (or the "Company") has winded up the BMA Chundrigar Road Savings Fund (or the "Fund"), effectively from 27th January,2022, due to significant redemptions leading to depletion in fund size. The Company has also cancelled its CIS license.
Consequently, PACRA withdraws the Stability Rating of BMA Chundrigar Road Savings Fund, with immediate effect. The previous stability rating of the Fund was 'A(f)', announced on 30th September, 2021.
About
the Entity
BMA Asset Management Company was incorporated in April 2005 and acquired the license for investment advisory and asset management in April 2005 and July 2005, respectively. Mr. Mian Qasim Saeed Ahmed joined as a CEO in August 2020. He has eleven years of experience of this industry. The management team comprises seasoned professionals.
The Company's three member board comprise two independent and one non-independent directors. Mr. Salim Khan was appointed as the chairman of the board in October 2017. He possesses vast experience in strategic human resource consultancy and organizational development.