Pakistan Credit Rating Agency assigns ‘Am3+’ Asset Manager Rating to IGI Funds Limited

Lahore, December 06, 2012 (PPI-OT): The Pakistan Credit Rating Agency (PACRA) has assigned an asset manager rating of “AM3+” (AM Three Plus) to IGI Funds Limited (IGI FL). The rating denotes high Investment management industry standards and benchmarks.

The rating reflects the company’s qualified and experienced management team, a structured investment process, and its affiliation with an acknowledged business group – Packages Group. The rating incorporates IGI FL’s enhanced focus towards strengthening its investment management function including research and risk management framework though the latter is in development stage.

The target audience of the marketing initiatives is largely corporate and institutional investors with gradual increase in focus on retail clients. However, the AUMs are largely concentrated in the money-market fund along with high unit holding concentration.

The rating is dependent on the company’s ability to sustain its market positioning amidst sponsors’ current plan to divest the shareholding. At the same time, the funds performance in line with the company’s rating remains critical for the rating.

For more information, contact:
Hammad Rashid
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com