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
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA
PACRA Withdraws Capital Preservation Rating to UBL Special Savings Plan – V under UBL Special Savings Fund (USSP-V)
| 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, the fund size of the UBL Special Savings Plan – V under UBL Special Savings Fund (USSP-V) is not sufficient to continue the ratings, as all the plans falling under the umbrella of the UBL Special Savings Fund have been matured.
Consequently, PACRA withdraws the Capital Preservation Rating of UBL Special Savings Plan – V under UBL Special Savings Fund (USSP-V), 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 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