JCR-VIS upgrades Management Quality Rating of ABL Funds Company Limited to AM2!
Karachi, June 21, 2013: JCR-VIS Credit Rating Company Limited has upgraded the Management Quality Rating of ABL Funds Company Limited (ABL Funds) from 'AM2-' (AM Two Minus) to 'AM2' (AM Two). Outlook on the assigned rating has been assessed as 'Stable'.
ABL Funds recently launched a new Islamic Stock Fund to increase their total product offering to seven open end funds under management. Including the new fund, the company actively manages 2 stock funds, 2 income funds, an Islamic Income fund, a money market fund and a capital protected fund. On a long term basis, performance of all funds (excluding the Islamic Stock Fund, which has limited history) remained consistently superior to the peer group median. Year-to-date performance of five funds (ABL Stock Fund, ABL Income Fund, ABL Govt. Securities Fund, ABL Islamic Income Fund and ABL Capital Protected Fund) featured in the top quartile in their respective categories.
Total Assets under Management (AUMs) displayed a 27% growth during the five months period from Dec'12 to May'13, amounting to Rs. 21.1 billion.
The company is working on a fresh marketing strategy which involves training a dedicated team of business development officers, to pursue growth targets of the AMC.
During the year, a dedicated risk and compliance management function was set up which was further strengthened through hiring of suitably qualified personnel. Frequency and quality of internal reporting to the investment committee and top management has also seen improvement as a result. This aspect is helping facilitate the fund management team in maintaining risk profile of funds under management within desired levels. Financial profile of the AMC remains sound.
