The Pakistan Credit Rating Agency Limited
08-Dec-23
Analyst
Madiha Sohail
madiha.sohail@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
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Capital Preservation Rating of UBL Special Savings Plan – II under UBL Special Savings Fund (USSP-II) matured | PACRA withdraws the rating
| Rating Type | Capital Preservation Rating | |
|
Current (08-Dec-23 ) |
Previous (14-Jun-23 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | CP2+ |
| Short Term | - | - |
| Outlook | Stable | |
| Rating Watch | - | - |
As per management representation, all the plans except the UBL Special Savings Plan - (USSP-V) falling under the umbrella of UBL special saving funds have been matured, subsequently, the management requested to withdraw the ratings.
Consequently, PACRA withdraws the Capital Preservation Rating of UBL Special Savings Plan – II under UBL Special Savings Fund (USSP-II), with immediate effect. The previous Capital Preservation Rating 'CP2+(f)', was announced on 14th-June-2023
About
the Entity
UBL Fund Managers Limited, incorporated in 2001 as a public unlisted company, is one of the leading Asset Management and Investment Advisory companies in Pakistan. It is licensed by the Securities and Exchange Commission of Pakistan (SECP) to carry out these services under the Non-Banking Finance Companies Regulations. The Company is ~98% owned by United Bank Limited, while the remaining stake belongs to individuals.
The Company’s Board of Directors comprises seven members including the CEO. The CEO, Mr. Yasir Qadri, has been associated with the asset management industry for more than twenty years. The board’s Chairman, Mr. Azhar Hamid, is a banker having more than four decades of banking experience. The Company’s diverse product slate includes 16 conventional funds and 9 Shariah-compliant funds as at the end of Jun'23 belonging to all major categories. The Company is also offering two voluntary pension schemes in the conventional and shariah compliant category. The assets under management stood at ~PKR 190bln at the end Oct'23