KARACHI: BMA Capital has launched its asset management company to expand into the asset management industry in Pakistan.

This company was issued licenses for launching both open and closed end funds for debt and equity asset classes recently by the Securities and Exchange Commission of Pakistan (SECP).

A statement of BMA Capital said, “BMA Capital is proud to announce the launch of BMA Asset Management Company Limited (BMA AMCL), as part of its strategic plan to expand into the Asset Management industry in Pakistan.

“BMA AMCL has been awarded the licenses to provide Investment Advisory and Asset Management Services under the NBFC Rules 2003.”

Muddassar Malik has been appointed CEO of the BMA AMCL and is actively supported by a team of high caliber investment professionals with extensive local and international experience in the asset management industry.

Commenting on the launch of the new company, Muddassar Malik said: “We are pleased to launch our new group company which will  leverage BMA's presence in Pakistan's financial services and investment advisory industry over the last 15 years.”

Pakistan's asset management industry is at an early stage of development and the BMA's goal is to quickly become an industry leader in asset management through a multi-product business model.

The firm successfully launched and managed the Security Stock Fund from 1994 to 2000, during which the fund provided a total return of 40 percent while the KSE-100 index fell by 20 percent.

Currently, BMA manages Rs 1.5 billion for a host of corporate and retirement fund clients as part of its managed account product. These funds have posted returns of over 35 percent on a year-on-year basis.