Atlas Asset Management Limited ("AAML" or the "AMC"), is a public unlisted company, incorporated in 2002 under the Companies Act, 2017. Licensed under NBFC Rules, 2003, and NBFC Regulations, 2008, Atlas operates as an asset manager, investment advisor, and Pension Fund Manager under the Voluntary Pension System Rules, 2005. It has also obtained licenses for private equity, venture capital, and REIT management.

The AMC is a wholly owned subsidiary of Shirazi Investments (Pvt.) Limited. It offers diverse investment products, including mutual funds, pension schemes, SMAs, REITs, and private equity funds, for individual and institutional investors.

The AMC continues to strengthen its foothold in the industry, with its market share standing at 4% as of end-Sep’25.

The AMC manages ten open-end funds across various categories, two pension funds (Conventional and Islamic), one dedicated equity fund, and discretionary SMAs under its investment advisory license.

At the fund level, the top-10 investor concentration ranges between 60–70%, while at the AMC level it stands at around 72%, supported by a sizeable share of group-related investments comprising 49% of total AUM. The presence of group funds provides stability and cushions against sudden redemption pressures. Going forward, the AMC intends to broaden its investor base and gradually dilute concentration levels.

The AMC is a wholly owned (100%) subsidiary of Shirazi Investments (Pvt.) Limited – the holding company of Atlas Group.

Shirazi Investments (Private) Limited (SIL), established in 1962, acts as the Group’s flagship investment vehicle with a well-diversified portfolio spanning capital markets, fund management, underwriting, real estate, and venture capital, enabling long-term value creation and financial stability.

AAML draws strength from the Atlas Group’s robust financial position, built over decades of diversified and profitable business operations. With shareholders’ equity and assets exceeding USD 1 billion, the Group provides substantial financial backing and stability to the AMC.

The AMC’s seven-member Board consists of five representatives of the Atlas Group, including the CEO, and two Independent Directors, with four members serving in a non-executive capacity.

Mr. Iftikhar H. Shirazi, the Chairperson of the Board, brings over 31 years of experience in corporate management, particularly in the financial and trading sectors. He also chairs Shirazi Investments (Private) Limited, Atlas Insurance Limited, Shirazi Trading Company (Private) Limited, Atlas Foundation, Atlas Vocational Training Institute, and Atlas Information Technology Resource Center. The Board’s collective expertise spans capital markets, investment banking, economic affairs, finance, corporate banking, and insurance. Mr. Frahim Ali Khan brings extensive experience and a long-standing association with the Group across multiple business sectors. Mr. M. Habib-ur-Rahman adds strong governance and capital market expertise, given his prior leadership roles in the asset management industry. Mr. Ali H. Shirazi provides strategic input through his diversified leadership exposure across various Group companies. Ms. Zehra Naqvi contributes valuable oversight with her experience in the insurance and petroleum sectors. Mr. Shamshad Nabi further reinforces governance with his audit and financial oversight experience as Chair of the Audit Committee.

The Board ensures an effective governance structure through its committees, namely (i) Audit Committee (ii) Human Resource & Remuneration Committee and (iii) Investment Committee.

The AMC has an in-house internal audit department, led by Mr. Uzair Uddin, to assess and enhance the internal control system. The department reports directly to the Audit Committee. BDO Ebrahim & Co., classified as an 'A' category auditor by SBP, has been appointed as the external auditor and has issued an unmodified opinion on the financial statements for the period ending June 2025.

The AMC operates under the guidance of Chief Executive Officer, who oversees various departments, each with well-defined and specific functions. These include: 1) Finance, 2) Customer Services & Quality Assurance, 3) IT, 4) Internal Audit, 5) Sales and Marketing, 6) HR & Admin, 7) Risk Management, 8) Compliance, and 9) Investment Advisory.

The senior management team comprises highly qualified professionals with long-standing association with the AMC, reflecting stability and institutional continuity. The CEO, Mr. Muhammad Abdul Samad, brings over 23 years of industry experience, including 19+ years with AAML, and holds multiple leadership and board-level credentials. Mr. Khalid Mahmood, Chief Investment Officer, possesses over 22 years of experience in fund management and investment research. Ms. Qurrat-ul-Ain Jafri, the CFO, brings over two decades of financial management experience, ensuring sound financial oversight and control. Mr. Tariq Ahmed Siddiqui, Head of IT, has more than 20 years of technology leadership, advancing the AMC’s digital initiatives and strengthening its IT infrastructure.. Additionally, the Chief Internal Auditor, Mr. M. Uzair Uddin Siddiqui, and the Head of Portfolio Management, Mr. Muhammad Umar Khan, bring extensive experience in audit, compliance, and portfolio oversight. Collectively, the team demonstrates strong functional expertise and supports effective execution of the AMC's strategic objectives.

The AMC has continued to strengthen its operational efficiency and digital outreach. ITMinds Limited provides back-office support, covering accounting settlements, unit-holding management, and NAV computation, enabling the AMC to focus on core investment and distribution functions. To safeguard investor data, the AMC has significantly enhanced its cybersecurity framework, ensuring robust information security controls. The AMC has actively explored digital avenues to expand its retail footprint, with initiatives such as OneLink integration aimed at simplifying investor transactions and enhancing convenience.

The AMC has devised detailed policies for IT, operations, research, investment, and risk management. The AMC uses dedicated software that notifies about any breach in exposure limits and specified margins.

The AMC has a well-structured risk management framework in place, aligned with SECP guidelines, to ensure disciplined monitoring of credit, market, and liquidity risks. An internally developed risk assessment system is used to evaluate the overall portfolio risk profile, enabling timely identification of risk exposures and performance variances. Exposure limits, counterparty criteria, and margin requirements are clearly defined and enforced through system-based controls with in-built restriction mechanisms, minimizing manual intervention. The framework supports continuous risk surveillance across investment portfolios, ensuring adherence to regulatory limits, internal policies, and prudent investment practices.

The AMC maintains a strong liquidity profile to ensure efficient fund operations and smooth settlement of investor transactions. The liquidity position is monitored regularly by the Department, which reviews cash balances, redemption flows, and market conditions to ensure adequate liquidity at all times. A meaningful portion of fund assets is parked in highly liquid investment avenues, ensuring ease of convertibility and timely availability of funds for redemptions. This disciplined approach helps the AMC maintain operational agility and supports investor confidence.

The AMC has established well-defined metrics to assess and monitor exposure to market risk. The Department employs Value-at-Risk (VaR) and sensitivity analysis models to evaluate potential portfolio volatility under varying market conditions. These analytical tools support informed decision-making and enable proactive portfolio adjustments, ensuring effective management of market-driven fluctuations. Alongside, the AMC continues to strengthen its market position through prudent investment strategies and active portfolio management.

The AMC's investment committee comprises six members, including the CEO, CIO, Head of Portfolio Management, Head of Equities, Head of Fixed Income, along with a non-executive director.

The composition and functioning of the IC is considered adequate. The IC formally meets on a weekly basis in order to make investment decisions. The fund managers are responsible for the implementation of investment decisions and ensuring a smooth investment process.

The Research Department is led by Ms. Shivani Washu, a CFA Level III candidate with 7 years of experience, bringing strong analytical expertise and industry understanding. She is supported by a team of five Investment Analysts with diverse academic backgrounds in finance and accountancy. The department demonstrates a structured research framework, ensuring consistent market coverage, rigorous analysis, and timely investment insights. The team’s analytical capability and collaborative approach contribute to informed decision-making and support the AMC in sustaining stable fund performance.

The AMC has implemented an 'Investors Help Desk System' to effectively manage investor queries. Additionally, it has launched several financial tools on its website, including a tax savings calculator and the industry-first Pension Simulator, which offers financial forecasts based on actuarial estimations to benefit investors.

The AMC's well-developed website serves as a reporting platform, providing information on the AMC, management, NAV history, fund performance, product details, and important announcements. Additionally, the AMC has developed an application for automatic NAV distribution via SMS to facilitate investors. The Atlas Invest app allows investors to manage their investments conveniently on the go.

The AMC continues to focus on strengthening retail penetration. Through its association with Shirazi Investment (Pvt.) Ltd., it has developed a growing footprint among domestic retail and corporate investors. The AMC’s distribution strategy remains primarily digital-centric, as it does not rely on external distributors; instead, it leverages the Emlaak platform for seamless and cost-efficient investor onboarding, supporting scalable retail growth. In addition, the AMC operates 10 branches across major cities, including Karachi, Lahore, Islamabad/Rawalpindi, and Peshawar, to enhance investor outreach and accessibility.

As of Sep’25, the AMC’s AUMs increased by ~75%, reaching PKR 164bln(Sep'24: PKR 95bln), reflecting strong and steady growth momentum. The AMC has developed a solid and expanding investor base, which is expected to further strengthen with the onboarding of new clients. Fund performance remains robust, with all funds outperforming their respective benchmarks. Going forward, the AMC is actively promoting equity as an asset class and plans to launch four new equity funds, which are expected to enhance its product suite and further support AUM growth.

The AMC’s financial profile demonstrated notable improvement during the period. Total assets increased to PKR 2.7bln as of Jun’25 (Jun’24: PKR 1.9bln), supported by a stronger equity base of PKR 2.5bln (SPLY: PKR 1.7bln). Revenue rose to PKR 1,672mln (FY24: PKR 889mln), driven by growth in AUMs and improved fund performance. Operating profit also showed a steady rise, reaching PKR 982mln (FY24: PKR 385mln). Consequently, profitability grew by ~78%, with PAT increasing to PKR 750mln (FY24: PKR 420mln), reflecting the AMC’s strong financial performance and profitability strength.