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.

The Company has transitioned to an investment advisory-focused business model, with a sizeable cumulative AUM managed through its SMA portfolio. While the portfolio exhibits a relatively high concentration, with a significant proportion of total assets attributable to the top ten investors, the existing investor base has remained largely stable. This reflects sustained investor confidence, supported by improved portfolio management practices and enhanced client servicing, thereby providing some comfort against near-term redemption pressure.

The Company is a wholly owned subsidiary of BMA Capital Management Limited.

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%.

BMA Group is an established financial services group in Pakistan, with a longstanding presence in the industry. The Group caters to a diversified clientele, comprising leading financial institutions, domestic and international corporates, and high-net-worth individuals. Through its corporate advisory operations, the Group has maintained an active role in the country’s privatization initiatives and other significant transactions. Furthermore, BMA Capital facilitates retail participation in the capital markets through its brokerage platform, ‘BMA Trade’, catering to individual investors.

BMA Capital’s financial standing is supported by its diversified business operations, encompassing equity and treasury markets, corporate finance and advisory, research, retail brokerage, and distribution of financial products. The entity holds long-term and short-term credit ratings of ‘A’ and ‘A2’, respectively. As of March 2026, its equity base stood at PKR 1,624mln, providing a foundation for its ongoing business activities.

The Company’s Board comprises three members, including two non-executive directors and one independent director.

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 21 years of experience in business and has been associated with the Board for 12 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 21 years of professional experience. Mr. Bilal Shaukat holds MSc and LLB degrees and serves as an Independent Director. He has 21 years of experience as a legal counsel.

The Company has constituted various management-level committees to strengthen its governance framework and facilitate effective monitoring of key operational functions. These include the Audit Committee, chaired by Mr. Bilal Shaukat, along with the Human Resource, Disciplinary Action (DAC), and Procurement Committees, chaired by Mr. Haris Anwar. The Company also maintains dedicated Investment and Risk Committees to oversee investment-related matters and risk management practices. The Audit Committee, in particular, supports the Board in overseeing the integrity of accounting records, financial reporting processes, and recruitment-related matters, thereby reinforcing internal controls and governance standards.

The Audit Committee of the Board conducts quarterly reviews of the internal audit function to assess its effectiveness and performance. The Company’s external audit is carried out by RSM Avais Hyder Liaquat Nauman, an A-category audit firm. For the financial year ended June 30, 2026, the auditors issued an unqualified opinion on the financial statements, confirming that these present a true and fair view in accordance with the applicable financial reporting framework, with no material qualifications or reservations reported.

The Company follows a structured organizational framework comprising six functional areas, namely Administration, Operations, Sales, Finance, Investment Management, and Compliance. Each function is headed by an experienced professional responsible for managing its respective operations and ensuring the effective execution of assigned responsibilities. The departmental heads report to the CEO, who oversees overall business operations and reports to the Board. The Board of Directors provides strategic oversight and monitors the Company’s overall direction, ensuring an appropriate governance and reporting structure.

The Company is managed by a team of experienced professionals with considerable industry exposure. Mr. Haris Anwar serves as the CEO of the Company and brings over 25 years of overall professional experience, including six years of association with the BMA Group, contributing substantial industry knowledge and leadership expertise.

The Company has deployed an integrated technology infrastructure to support its operational processes and enhance system efficiency. A dedicated real-time monitoring interface provides continuous visibility of Net Asset Values (NAVs) and underlying portfolio investments. Its core asset management operations are supported by Asset Connect, a software solution developed by Softech, incorporating modules for general ledger accounting and unit holding management. Furthermore, to strengthen business continuity arrangements, the Company utilizes centralized cloud-based systems provided by IT Minds, a CDC subsidiary, for back-office functions, operational processing, and secure record retention. These systems facilitate uninterrupted operations and timely availability of portfolio valuations while minimizing the risk of processing errors.

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.

The Company’s Research Department is staffed by professionals with expertise across equity and fixed-income markets, sector-specific assessments, and broader market analysis. The department supports investment decisions through comprehensive research, market insights, and periodic analytical reports. In addition, the Company provides customized investment advisory solutions to high-net-worth individuals and corporate clientele through Separately Managed Accounts (SMAs) along with CIS, with investment strategies structured in accordance with individual client objectives, risk tolerance, and investment horizons.

Portfolio decisions are guided by a formal Investment Committee process, with investment strategies developed in accordance with the respective client-specific Investment Policy Statements (IPS). The framework incorporates defined investment parameters and risk considerations to maintain consistency with clients’ financial objectives. This is complemented by established risk management mechanisms, supporting disciplined portfolio monitoring and effective oversight of investment exposures.

The Company’s Risk Management Department is responsible for assessing and monitoring portfolio-related exposures, with particular emphasis on diversification, liquidity management, and adherence to defined risk parameters. The function also supports management oversight through periodic MIS reporting, sensitivity assessments, and stress-testing exercises, enabling timely identification of potential vulnerabilities and informed investment decisions.

The Risk Management function provides independent oversight of the investment portfolio, with ongoing assessment of portfolio quality, identification of stressed exposures, and evaluation of corrective measures. The Head of Risk Management monitors compliance with approved risk policies and portfolio-level limits, while also reviewing material deviations and exceptions arising at the transaction level. The function is further supported by appropriate reporting mechanisms and technology infrastructure, facilitating the timely dissemination of risk-related information to management and enabling proactive monitoring and control.

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.

An adequate systems infrastructure including connectivity, communication networks, back-up procedures and disaster recovery to ensure uninterrupted operations also exists.

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).

The Company has expanded its Collective Investment Scheme (CIS) portfolio through the launch of three funds in May 2026, namely BMA Islamic Noor Cash Fund, BMA Money Market Fund, and BMA Stock Fund, with AUM of PKR 9.6bln, PKR 2.3bln, and PKR 316mln, respectively. Alongside its investment advisory operations, the Company follows a diversified investment approach, with portfolio strategies structured in accordance with the respective client-specific Investment Policy Statements (IPS). Its investment framework emphasizes regulatory compliance, prudent asset allocation, and risk-adjusted return generation across different market segments.

The top ten SMAs contributes ~94% 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.

BMA Investment Advisors (BMAIA) reported a profit of PKR 106mln in FY26 (Jun’25: PKR 164mln). The Company’s equity increased significantly to approximately PKR 330mln as of June 2026 (Jun’25: PKR 64mln). Investment advisory income also recorded modest growth, rising to PKR 526mln from PKR 519mln in the preceding year.