Profile
Background
BMA Investment Advisors Limited (Formerly BMA Asset Management Company Limited) was incorporated in April 2005 and obtained the license to carry
out investment advisory and asset management services in April 2005 and July 2005, respectively.
Operations
The Company is now purely operating as an investment advisor and managing sizeable cumulative AUM of SMA under management with number of clients
of ~117. The portfolio remains concentrated, with the top ten investors representing about major percentage of total assets; however, the investor base has demonstrated consistent commitment, mitigating short-term redemption risk due to better portfolio management and customer services.
Ownership
Ownership Structure
The Company is a wholly owned subsidiary of BMA Capital Management Limited.
Stability
Incorporated in 1992, BMA Capital Management Limited is owned by Ganjbaksh Mauritius Limited – 49.0%, Mr. Moazzam Mazhar Malik – 29.0%,Mr.
Mudassar Mazhar Malik – 14.0% and Ms. Shehla Mazhar – 8.0%.
Business Acumen
BMA Group ranks amongst one of the oldest financial services group in Pakistan. It offers its services to a large and diversified group of clients
including top financial institutions, foreign and local corporates and high net worth individuals. It has played key role in the country’s privatization transactions through its
corporate advisory function. BMA Capital's retail brokerage brand 'BMA Trade' enables individual investors to take part in the capital markets.
Financial Strength
BMA Capital’s financial strength emanates from its core areas of business which include equity markets, treasury markets, corporate finance and
advisory, research, retail brokerage and financial products distribution. Long term rating of BMA Capital is A and short term is A2. The equity base of BMA Capital
was PKR 1,624mln as of March'25.
Governance
Board Structure
The Company’s Board comprises three members, including two non-executive directors and one independent director.
Members’ Profile
Mr. Salim Khan, Chairperson of the Company, holds a Bachelor’s degree in Mechanical Engineering and serves as a Non-Executive Director. He has over 20 years of experience in business and has been associated with the Board for 11 years. He is a member of the Board and Audit Committee. Mr. Shakeib Ali Arshad holds a D-Phil degree and serves as a Non-Executive Director. With over 20 years of professional experience. Mr. Bilal Shaukat holds MSc and LLB degrees and serves as an Independent Director. He has 20 years of experience as a legal counsel.
Board Effectiveness
The Company has established several management committees to ensure robust governance and effective oversight. These include the Audit Committee, chaired by Mr. Bilal Shaukat; the Human Resource (HR) Committee, Disciplinary Action (DAC) Committee, Procurement Committee, both chaired by Haris Anwar; and Investment Committee, Risk Committee. Each committee plays a vital role in strengthening internal controls and enhancing operational efficiency. The Board exercises close monitoring of the Company’s accounting, financial reporting, and hiring processes through its Audit Committee.
Transparency
The Board’s audit committee monitors the performance of the internal audit function every quarter. RSM Avais Hyder Liaquat Nauman (A
category) are the external auditors. The auditors expressed an unqualified opinion on the financial statements, indicating
that the financial reporting presents a true and fair view in accordance with the applicable financial reporting
framework, and that no material misstatements were identified during the audit for the period ended June 30,
2025.
Management
Organizational Structure
The organizational structure of the Company is well-defined and divided into six key departments: Administration, Operations, Sales, Finance, investment management, and Compliance. Each department functions under the leadership of a qualified and experienced head who oversees day-to-day operations and ensures alignment with the Company’s strategic objectives. All departmental heads report directly to the Chief Executive Officer (CEO), ensuring effective communication, coordination, and timely decision-making across all functions. The CEO reports to the President, who provides strategic direction and supervises the overall performance of the Company. The President, in turn, reports to the Board of Directors, which exercises oversight and ensures adherence to sound corporate governance practices.
Management Team
The management team comprises seasoned professionals. Mr. Mian Qasim Saeed Ahmed joined the Company as CEO in August 2020, and he is
currently working as the president of the Company. Mr. Qasim has vast experience of more than 18 years. In June 2025, Mr. Haris Anwar was appointed as the Chief Executive Officer (CEO) of the Company. He is a seasoned professional with over 23 years of experience, including 5 years with the BMA Group.
Management Effectiveness
The Company has already integrated a software system to enhance operational efficiency. A real-time monitoring screen remains active at all times, displaying live Net Asset Values (NAVs) and the actual portfolio investments. The Company has implemented Asset Connect, an advanced core asset management software developed by Softech, which provides modules for general ledger accounting and unit holding management. In addition, to implement BCP, the Company has been using centralised cloud-based systems from IT Minds, a subsidiary of CDC, for back-office operations, seamless and flawless operational activities, and record protection, ensuring live asset values without errors.
Control Environment
The experienced internal audit function presents its findings and ensures that management takes appropriate action to rectify the highlighted
issues. The Company has devised detailed risk management policy which properly addresses the risks related to investment operations. The Risk Management Manual establishes a comprehensive framework to help the Board of Directors and Audit Committee formalize and oversee the Company’s risk management system. It outlines responsibilities for implementation, maintenance, and periodic review, ensuring risks are effectively identified, assessed, and mitigated across all operations. The framework is supported by clear governance through three lines of defense — Board oversight, management execution, and internal audit review. It defines risk appetite, control mechanisms, and reporting structures, emphasizing proactive monitoring of investment, operational, and IT-related risks. Overall, the policy ensures sound governance, informed decision-making, and long-term business sustainability.
Investment Risk Management
Research & Analysis
The Research Department comprises a team of professionals who collectively bring extensive expertise in equity and fixed income research, sectoral analysis, and market insights. The team plays a pivotal role in supporting the Company’s investment decision-making process by providing in-depth analysis and timely research reports.
The Company offers tailored investment advisory services to high-net-worth individuals and corporate clients through Separately Managed Accounts (SMAs), designed to align with each client’s unique financial objectives, risk appetite, and investment horizon.
Investment Decision Making
Investment decisions are undertaken through a structured Investment Committee framework in line with each client’s exclusive Investment Policy Statement (IPS), aiming to generate superior risk-adjusted returns. The process is further strengthened by robust risk management practices to ensure alignment with client objectives and prudent portfolio oversight.
Risk Management Function
The Risk Management Department focuses on identifying and monitoring investment-related risks, ensuring portfolio diversification and adequate liquidity. It regularly prepares MIS reports and conducts sensitivity analyses and stress tests to support effective risk oversight and decision-making.
Investment Risk Management
This Function serves as the central oversight body, continuously evaluating the quality of the overall investment portfolio with a particular focus on problematic exposures and the effectiveness of remedial actions. The Head of Risk Management is responsible for ensuring compliance with established risk limits and policies at the portfolio level, while also identifying and reviewing significant exceptions at the transaction level. Reporting systems and
investment in technology that supports frequent reporting of risk-related information to management is important.
Customer Relationship Management
Investor Services
The Investor Services Department ensures a seamless and personalized client experience by providing timely portfolio reporting, transparent communication, and dedicated support. The team focuses on maintaining strong client relationships, addressing queries promptly, and facilitating efficient execution of all investment-related requests.
Extent of Automation/Integration
An adequate systems infrastructure including connectivity, communication networks, back-up procedures and disaster recovery to
ensure uninterrupted operations also exists.
Investor Reporting
The Company shares monthly NET Asset Value (NAV) reports and detailed Fund Manager Reports with clients, accompanied by periodic performance evaluation sessions to review portfolio progress, discuss investment strategies, and ensure continued alignment with each client’s Investment Policy Statement (IPS).
Product Offerings
The Company has consistently demonstrated better and exceptional
return generation across all sectors through its strategic and well-diversified
investment approach, while maintaining full regulatory compliance and ensuring
that each investment strategy remains exclusively aligned with the respective
Investment Policy Statement (IPS) of every client.
Financial Risk
Degree of Concentration
The top ten SMAs contributes ~88% towards the total cumulative value of SMA. However, the granularity of each SMA, its longevity and
stickiness would remain important. Furthermore, having elevated number of mandates would also minimize the concentration risks.
Financial Performance
BMA Investment Advisors (BMAIA) continued its growth momentum, reporting a significant profit of PKR 164 million (Jun’24: PKR 31 million), reflecting strong operational performance and strategic focus. As of June 2025, the Company’s equity had risen to approximately PKR 64 million (Jun’24: PKR 49 million). Building on this progress, BMAIA generated an additional profit of around PKR 46.7 million during July–August 2025, further lifting its equity to PKR 110.7 million. With a subsequent shareholder equity injection of PKR 160 million, the Company’s capital base strengthened markedly to PKR 270.7 million by the end of August 2025 — a testament to its expanding scale, investor confidence, and sustainable growth outlook.
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