Capitec Grameen Bank Growth Fund under the management of Capitec Asset Management is coming to the capital market. Next Sunday (September 24) the subscription of this fund, i.e. application and money deposit will be started and it will continue till October 1.
Capitec Grameen Bank Growth Fund is a closed-end mutual fund. It will be listed on the Dhaka and Chittagong Stock Exchanges. Capitec Asset Management Limited, an asset management company, organizes several road shows in different parts of the country to highlight the various aspects of this fund to the investors. As part of this, a road show was also held at Dhaka Club in the capital on Tuesday (September 19).
Hasan Rahman, Chairman of Capitec Asset Management Limited, Managing Director M. Mahfuzur Rahman, Chairman of Investment Corporation of Bangladesh (ICB) Professor Dr. Md. Kismatul Ahsan, Chairman of Grameen Bank Prof. Dr. AKM Saiful Majid, City Bank Additional Managing Director Sheikh Mohammad Maruf, Grameen Bank Deputy Managing Director Noor Mohammad.
In addition, Managing Director of ICB Asset Management. Abul Hossain along with senior officials of various institutions related to the country’s finance and capital market and institutional investors were present.
The size of this new term mutual fund is Tk 200 crore. Its face value per unit is 10 Tk. The sponsor of the fund is Grameen Bank, the world’s largest micro lender. 100 crore of this fund will be raised from common investors through initial public offer or IPO. The state-owned institution Investment Corporation of Bangladesh (ICB) is the trustee and custodian of the fund.
Capitec Asset Management currently manages three open-ended mutual funds. The firm has delivered good dividends to investors in its three existing funds despite widespread volatility and uncertainty in global finance and capital markets due to the coronavirus pandemic and the Russia-Ukraine war. Bangladesh Securities and Exchange Commission, the capital market regulatory body, awarded Capitec Asset Management with ‘Swadynta Golden Jayanti Award-2022’ as the country’s best asset manager this year.
Hasan Rahman, chairman of Capitec Asset Management Limited, said at the road show, they think that capital market investment is currently in a favorable condition. Capitec Grameen Bank Growth Fund is coming to the market at an opportune time. If the fund money is invested properly at such times, it will be possible to ensure good returns from here. We take careful investment decisions with the advice of our research team. Due to this, the three existing funds have consistently delivered good returns. Considering this track record investors can trust us. We will strive to honor this trust. Like previous funds, Capitec Grameen Bank Growth Fund also hopes to provide good dividends to investors.
He also said that although the market is a little slow at present, it is only temporary. We believe that the market will be quite dynamic in a few days. The capital market regulatory body BSEC has taken several reforms and initiatives in the development of the capital market. Their benefits will be available gradually in the coming days. He thanked and thanked BSEC and the concerned parties for their continuous efforts in the development of this market.
Investment Corporation of Bangladesh (ICB) Chairman Prof. Dr. Md. Kismatul Ahsan said, Hasan Rahman is a successful chairman. Managing a Rs 200 crore fund is a very bold move. I started getting to know Capitec after meeting Mr. Hassan. And this time I saw that the country got the best asset management award. They have done a very good job. He has come a long way in a short time.
He also said that our investors have a negative attitude towards mutual funds Investors are behaving very strangely with mutual funds. Mutual funds are negligible compared to the way bad companies’ share prices go up and down. But the funds are giving double gedit returns. However, the price of mutual fund units falls below the face value. But this is the biggest investment platform for small investors of a country. We failed to enlighten the world of mutual funds. Its the entire failure of the investors.
