JS Investments Limited (“JSIL” or the “AMC”) was incorporated in 1995 and is governed under the Companies Act, 2017. The Company was subsequently listed on the Pakistan Stock Exchange (PSX) in 2007. Licensed under NBFC Rules, 2003, and NBFC Regulations, 2008, JSIL operates as an asset manager, investment advisor, and Pension Fund Manager under the Voluntary Pension System Rules, 2005. It has obtained licenses for private equity, venture capital, and REIT management from SECP and is actively operating in the REIT segment.

JS Investments Limited (JSIL) (estd. 1995) is Pakistan’s oldest private sector Asset Management Company, founded by INVESCO PLC, Europe’s largest investment manager, and the International Finance Corporation (IFC), the World Bank Group's private sector arm. In 2012, JSIL became a subsidiary of JS Bank Limited, after the acquisition of 52.02% stake, which later increased to 84.56%. This reflects the Bank’s continued confidence and strategic commitment to the asset management business. JSIL offers a diverse range of investment solutions, including mutual funds, pension schemes, SMAs, REITs, and private equity funds, designed to meet the evolving needs of both individual and institutional investors.

JSIL’s market share stood at ~2.3% as of end-Sep’26 (Sep’25: ~2.6%), reflecting a slight decline YoY, despite management’s efforts to strengthen its industry penetration. Conventional funds account for ~87% of the AMC’s AUMs (Sep’25: ~91%), while Shariah-compliant funds account for ~13% (Sep’25: ~9%), reflecting a gradual shift towards Shariah-compliant products. By asset class, income funds are the largest category at ~48% of total AUMs, followed by money market funds at ~23%.

As of 9MCY26, JSIL manages a well-diversified fund platform comprising eighteen open-end funds across conventional and Shariah-compliant categories, six voluntary pension schemes, six employer pension funds, one Exchange-Traded Fund (ETF), and two closed-end REIT funds, namely JS Rental REIT Fund and JS Hotel REIT Fund. The product suite spans money market, income, equity, fixed-term, capital-protected and pension categories, allowing the AMC to cater to varied risk appetites and investor segments, including retail, institutional and provincial government mandates. The AMC is further broadening its shelf through a planned multi-asset allocation fund, which adds commodity exposure alongside fixed income and equities, and the JSKSE100ETF, which extends its passive offering beyond the existing JS Momentum Factor ETF. Together with the REIT products, these launches would widen the AMC’s reach into alternative and passive investment avenues. Both launches are subject to regulatory approval, and this breadth, while providing a platform for revenue diversification, is yet to translate into AUM growth.

As of Jun'26, the top-10 investor concentration at the fund level in a few funds remained high, ranging between 75%-80%, with related-party holdings averaging ~8%. At the AMC level, overall investor concentration stood at 45.2%. Going forward, the AMC’s strategy is to broaden its investor base to dilute concentration levels.

JSIL is a subsidiary of JS Bank Limited, which holds an 84.56% stake, while the remaining 15.44% is owned by financial institutions and the general public.

JS Bank Limited, a subsidiary of Jahangir Siddiqui & Co. Limited (JSCL), serves as a key financial arm of the Group, contributing to its diversified presence across the banking and financial services sector. JSCL serves as the holding company for JS Group, which is primarily focused on financial services, including asset management, securities and commodities brokerage, commercial banking, and insurance, alongside other diversified activities.

JS Bank Limited has an unconsolidated asset base of PKR 733.7bln at Sep’26 accompanied by the equity of PKR 49.6bln. The long-term credit rating of JS Bank is ‘AA ‘and the short-term rating is ‘A1+’.

JSIL’s Board comprises eight members, including the CEO. The CEO serves as the Executive Director, while the remaining members include Five Non-Executive and Two Independent Directors. The Board includes three female Directors.

The Board brings an average of ~25 years of diversified experience across banking, finance, investments, microfinance, economics and technology. It is chaired by Mr. Suleman Lalani, Chairman and Non-Executive Director, who was also Group President of JSCL. He is a Fellow Chartered Accountant (FCA) with over 30 years of experience in Pakistan’s financial sector. He previously served as CEO of JSCL, and earlier as Executive Director (Finance & Operations), Company Secretary and CFO at JSIL, and as CFO and Company Secretary at The First MicroFinance Bank Limited. Mr. Hasan Shahid, Non-Executive Director (representing BankIslami Pakistan Limited), is Company Secretary at BankIslami Pakistan Limited. He was Director Finance and Company Secretary at JSCL and previously served as its CFO. He is a Chartered Accountant (ACA) with an economics degree from the University of Karachi and has over 20 years of experience. Mr. Ahsan Jamal, Non-Executive Director (representing JS Bank Limited), is Chief Digital Officer at JS Bank and holds an MBA. He has 20+ years of experience in digital transformation, fintech, payments and innovation within banking. Mr. Atif Salim Malik, Non-Executive Director (representing JS Bank Limited), is COO at JS Bank, with an M.A. in Economics from Forman Christian College, Lahore. He has 26+ years of experience in retail banking, microfinance, strategy, business transformation and MSME development, including work with Standard Chartered Bank, Al-Rajhi Bank (KSA) and HBL Microfinance Bank. Mr. Syed Kazim Raza, Non-Executive Director (representing JS Bank Limited), is a certified director and Fellow of the Institute of Bankers, Pakistan, with management certifications from Nottingham Trent University and The Securities Institute (UK). He has 30+ years of experience in branch and retail banking leadership, including at Standard Chartered Bank, Faysal Bank and Burj Bank. Ms. Maria Mittermair, Independent Director, holds a Master’s degree in International Business Administration from the University of Vienna and an Executive Management Program from WHU and IESE. She has 20+ years of international experience in strategy, regulatory affairs and stakeholder engagement across energy, chemicals, markets and public policy. Ms. Mediha Kamal Afsar, Independent Director, holds an MSc from the London School of Economics. She has 14+ years of experience in the financial and FMCG sectors.

To maintain an effective control environment and ensure compliance with reporting standards, JSIL has established four Board-level committees under Board-approved TORs: i) the Audit & Sustainability Committee (3 members; 4 meetings), overseeing financial reporting, internal controls and sustainability; ii) the Human Resource & Remuneration Committee (4 members; 2 meetings), covering remuneration and talent matters; iii) the Executive Risk Management Committee (3 members; 4 meetings), overseeing enterprise risk; and iv) the Information Technology & Digital Risk Management Committee (5 members; 2 meetings), covering technology and digital risk. The Audit, HR and IT committees are chaired by Independent Directors, supporting objectivity in oversight. Overall, the committee structure indicates an adequate Board-level oversight framework.

JSIL has outsourced its internal audit function to the BPO to monitor controls effectively. The external auditors, M/S BDO Ebrahim & Co., hold a satisfactory QCR rating and are classified in the 'A' category on the SBP Panel of Auditors.

JSIL has a well-defined organizational structure based on eight departments, i) HR and Administration, ii) Compliance and Risk Management, iii) Business Development, iv) Investments and Research, v) Information Technology, vi) Finance, vii) Corporate Affairs and viii) Operations.

JSIL's management team, led by CEO Ms. Iffat Zehra Mankani since April 2021, brings over 25 years of experience across public and private markets. She previously served at PwC Canada’s Deals Advisory team, specializing in financial instruments and private debt valuations. The team’s expertise spans financial management, internal controls, corporate governance, capital markets, investment management, equity advisory, and private banking. Mr. Muhammad Khawar Iqbal, Chief Operating Officer and Company Secretary, brings over 28 years’ experience in finance, operations, compliance, and corporate governance, and holds a master's degree in business administration and economics. Mr. Raheel Rehman, FCA and Certified Internal Controls Auditor (CICA), serves as Chief Financial Officer (CFO), overseeing financial management and controls. Mr. Syed Hussain Haider, Chief Investment Officer and CFA Charterholder, holds an MBA from IBA Karachi and leads investment strategy and portfolio management. Ms. Samina Faisal, Country Head of Business Development, CFA Charterholder and MBA graduate from IBA Karachi, spearheads business growth and client relationships. Mr. Abdul Basit Siddiqui, Head of Wealth Management, brings over 21 years of diversified banking experience across retail, wealth management, and Islamic banking sectors. Mr. Musab Iqbal, Senior Vice President REITs at JSIL, holds a Master’s in Investment and Finance from Strathclyde Business School and an MBA (Finance) from Greenwich University. He has over 6 years of experience in real estate finance, investments and strategy, including prior roles at Savills and Faysal Bank, and oversees REIT strategy, financial modelling, due diligence and portfolio performance reporting.

The IT function is headed by Mr. Syed Muhammad Anwer, Head of Information Technology, who brings a blend of business and technical expertise. JSIL utilizes a Unit Management System and ERP application by Softech Systems (Private) Limited and manages its IT operations independently. The management has established a five-member IT Steering Committee, which met four times in FY26, to address IT matters efficiently. In line with its focus on digital transformation, JSIL has engaged SOAR (Security Orchestration, Automation and Response) services to strengthen its cybersecurity framework. The AMC has also launched a mobile application to enhance customer convenience and improve service efficiency. Furthermore, JSIL is introducing 1Link integration to facilitate seamless investor deposits and incorporating a CNIC OCR feature to simplify the account opening process. Overall, the AMC continues to make progress on the digital front, aiming to provide a more secure and user-friendly experience to its customers.

The Compliance and Risk Management Department is headed by Mr. Malik Zafar Javaid, Chief Compliance and Risk Officer, who holds a Master’s in Public Administration and specializes in risk governance and regulatory affairs. The department ensures adherence to statutory requirements and internal policies, with functional segregation in place to prevent overlaps and strengthen the control environment. KYC and AML frameworks are in place, supported by ongoing monitoring to maintain regulatory compliance and mitigate operational risks. The CCRO is also a member of the Board-level IT & Digital Risk Management Committee and the management IT Steering Committee, which supports the integration of compliance and risk oversight with technology matters.

Policies, risk budgets and limits are defined across funds, providing a structured framework for credit risk management. The AMC follows a conservative investment strategy, with exposure primarily to issuers with high credit quality, which limits the potential for credit losses. The Risk Management Department conducts periodic credit assessments and stress testing to monitor portfolio quality and compliance with internal prudential limits and SECP guidelines. Counterparty exposure and concentration risks are monitored, with diversification measures intended to contain losses from any single obligor. The credit risk profile therefore remains adequate, though it depends on continued adherence to limits and timely review of issuer quality, particularly as the AMC’s income and money market AUMs are concentrated in a few large funds.

The AMC’s liquidity profile is moderate. Asset allocation is aligned with redemption requirements, and redemption trends are actively monitored. The Compliance and Risk Management Department seeks to maintain fund liquidity by investing in readily marketable instruments and holding liquid reserves across funds. Internally developed criteria classify securities as liquid, semi-liquid or illiquid, which supports liquidity planning and the timely fulfilment of investor obligations. At the AMC level, short-term investments have declined and now represent a small share of total assets, which thins the immediate liquidity buffer. The current ratio has improved, driven by a decline in trade payables and an increase in receivables.

The AMC employs a framework to manage market risk, utilizing Value-at-Risk (VaR) analysis, beta analysis, and periodic stress testing to assess portfolio sensitivity to interest rate and asset price movements under varying market conditions. Exposure limits for interest rate–sensitive instruments are defined and subject to continuous monitoring and periodic review by management. The recent 50 bps increase in the policy rate to 12% raises market risk in the near term. Higher yields reduce the market value of existing fixed-income holdings, particularly longer-duration instruments. Higher discount rates may also weigh on equity valuations and other asset prices, increasing volatility in equity-oriented funds. The impact on fund performance will depend on portfolio duration and asset mix. Over time, higher yields allow reinvestment at better returns, which partly offsets the valuation pressure.

The investment decision-making process is structured, with the CEO chairing the Investment Committee. The six-member committee includes the COO, the CIO, the Country Head of Business Development and the fund managers for fixed income and equities. The Committee met 38 times in FY26, indicating an active and regular decision-making cadence. The AMC’s Research Department supports the Committee with independent insights, investment cases and market analyses to guide decisions, helping align strategies with market trends and risk considerations. However, the Committee’s active review cadence has yet to translate into AUM growth or consistent fund outperformance, which remains the key area for improvement.

The investment committee regularly reviews the investment strategy and performance of each fund to assess the impact of various factors. The addition of an independent research head would further enhance the committee's effectiveness.

The research department, which falls under the purview of the CIO. He possesses years of experience in equity research. The research function at JSIL follows a robust and research-driven approach, combining both top-down and bottom-up analysis to support informed investment decisions. The team conducts comprehensive reviews of macroeconomic trends, sector dynamics, and company fundamentals, integrating insights from in-house financial models and market data systems. Continuous tracking of economic indicators and listed entities enables the timely identification of investment opportunities and risk factors. This analytical rigor strengthens portfolio construction and enhances the AMC’s ability to deliver consistent performance across its funds.

The AMC has invested significantly in digital services to enhance customer engagement, offering customer onboarding with e-KYC, SMA wealth management, digital pension fund onboarding through the Pension Fund Portal, and a WhatsApp bot. The Zindigi App, aimed at Gen Z and millennials, delivers user-friendly financial solutions, including news and financial market updates, equity market indices, investment account details and e-transactions, and has built a mass-market base of ~82,000 accounts. Going forward, the AMC plans to grow its retail base through digital-first channels rather than new branches. This includes 1LINK integration for instant funding, individual VPS and recurring savings plans in the JSIL app and Zindigi from 2027, cross-selling to existing account holders, partner bank distribution, and retail-friendly products.

JSIL disseminates monthly unit holder statements, including monthly NAVs, benchmark return comparisons, and asset allocations. JSIL regularly publishes its Fund Manager Reports (FMRs) on its website and offers an efficient WhatsApp bot for quick investor assistance.

JS Bank, the Parent Company, and BankIslami Pakistan Limited (BIPL), along with other group entities, serve as the key distribution partners of JS Investments Limited (JSIL). JS Bank provides access to its network of 317 branches and customer base, while BIPL adds 569 branches and outreach to a growing pool of Islamic investors, giving the AMC a combined network of 886 branches. In addition, JSIL distributes directly through its Wealth Centers in Karachi, Lahore and Peshawar, which provide face-to-face investment guidance. This distribution structure has supported the AMC’s market presence and the growth of its retail investor base.

During 9MCY26, industry AUMs stood at PKR 4,721bln (9MCY25: PKR 4,199bln), growing ~12.4%, with Shariah-compliant funds up ~19.2% and conventional funds up ~6.3% YoY. In contrast, JSIL’s AUMs (excluding advisory and SMA portfolios) stood at PKR 108.7bln (9MCY25: PKR 109.6bln; CY25: PKR 125.5bln), broadly flat YoY and ~13% lower since CY25, mainly due to redemptions in fixed-term plans. Market share consequently eased to ~2.3% (9MCY25: ~2.6%). Shariah-compliant AUMs grew ~44.9% YoY to PKR 14.5bln (9MCY25: PKR 10.0bln), outpacing the industry, while conventional AUMs declined ~5.5% to PKR 94.2bln (9MCY25: PKR 99.6bln). Beyond mutual funds, the AMC manages SMA portfolios of ~PKR 33bln, supported by the newly launched digital JSOne platform, which has onboarded ~PKR 1.5bln of assets in a short period. Income from SMA and advisory mandates rose to PKR 127mln (9MCY25: PKR 0.8mln), though it is performance-linked and variable. The AMC also manages two REITs of PKR 4.1bln. In the voluntary pension space, VPS AUMs stood at PKR 1.9bln against an industry size of PKR 155.4bln, a market share of ~1.2%, while the employers’ pension fund stood at PKR 973mln. In the KP employees’ pension fund, JSIL holds a ~13.2% market share and ranks second by enrolments, showing traction in provincial pension mandates. Fund performance remained mixed: the largest income fund and one Shariah-compliant money market fund outperformed their benchmarks, while the remaining money market and income funds trailed, and equity funds posted negative returns below their benchmarks. The AMC continues to focus on retail outreach, product diversification and digital accessibility, though these initiatives are yet to translate into AUM growth.

During 9MCY26, the AMC’s total assets stood at PKR 3,328mln (CY25: PKR 3,361mln), as lower investments in associates and trade payables were partly offset by higher receivables and cash. Equity increased to PKR 2.8bln (CY25: PKR 2.6bln), supported by retained earnings. During 9MCY26, the AMC earned a management fee of PKR 873mln from collective investment schemes (CIS) and Voluntary Pension Schemes (VPS) (9MCY25: PKR 795mln). The ~10% increase reflects growth in fund-based fee income, though the decline in AUMs since Dec’25 limited further upside. Core revenue grew ~25% to PKR 1,003mln (9MCY25: PKR 804mln), supported by discretionary portfolio income of PKR 123mln (9MCY25: PKR 0.8mln) and advisory income of PKR 4mln (9MCY25: nil), the latter arising from advisory services to REITs, including feasibility studies. The AMC’s advisory income is still small, but it adds an advisory-based stream that is not linked to AUMs. On the expense side, administrative expenses rose sharply to PKR 657mln (9MCY25: PKR 476mln), while selling and distribution expenses increased modestly. Operating profit therefore increased moderately to PKR 254mln (9MCY25: PKR 228mln), indicating weak operating leverage. Lower financial charges following settlement of the running finance facility provided some relief. PAT declined to PKR 211mln during 9MCY26 (9MCY25: PKR 370mln), mainly due to a share of loss from associates of PKR 39mln (9MCY25: share of profit of PKR 385mln), reflecting mark-to-market losses on the AMC’s investments in equity funds.