Asset and Investment Management Services (Aims) of Bangladesh Limited has recently decided to design and float a multi-scheme and multi-dimensional mutual fund for the local capital market.
According to a press release, the decision was taken by the board of directors of Aims Bangladesh at its 76th meeting on 3 December. It was chaired by Professor Dr Akhter Hussain.
The fund will be named the Aims Resurrection Series Mutual Fund. It is subject to consent from the Bangladesh Securities and Exchange Commission (BSEC), the release added.
The proposed fund would have both open and closed end schemes – listed and over-the-counter – of different sizes and characteristics, that would be released at regular intervals from the first quarter of 2021.
Also, the fund will be solely sponsored and managed by Aims Bangladesh – where Sandhani Life Insurance Company Limited will act as the trustee and Brac Bank Limited will act as the custodian.
Aims Bangladesh, which pioneered the first privately managed mutual fund in independent Bangladesh in 1999, is opening the fund as a response to encouragement from the regulator and in support of endeavors to revive the industry.
It would be the first mutual fund launched by Aims in a decade and one with its own name in two decades. Aims also manages the Grameen and Reliance mutual funds, listed on the stock exchanges.