UBL Fund Managers Limited, one of the leading asset management companies in Pakistan, announced the launch of its new savings scheme; UBL Savings Income Fund (USIF). The scheme will open for public subscription from October 12, 2010.
UBL Savings Income Fund (USIF) is an open-end income scheme that is designed especially for investors who are looking to earn a stable and competitive stream of income on their savings. The scheme helps investors achieve this objective by investing in instruments such as Government securities and bank deposits – ensuring the preservation of capital. The scheme does not invest in instruments such as Term Finance Certificates (TFCs) / Sukuks, and also has no exposure to the stock market.
Chief Executive Officer of UBL Fund Managers, Mir Muhammad Ali, CFA commented on the occasion that “UBL Savings Income Fund (USIF) provides an ideal savings opportunity for investors who want more out of their savings deposits. USIF aims to offer competitive returns while giving investors the flexibility to access their money, in part or whole, at their convenience and without any charges.” He also added that “USIF offers unique tax credit benefits to individual investors whereby they can reduce their income tax liability (and get tax savings) if they decide to hold their investments for a period of at least 12 months.” The scheme also offers a regular profit option.
The fund will be available on an ongoing basis at all UBL Funds Investment Centers and at designated UBL Branches. The company also plans on launching a similar Shariah-compliant savings scheme in the coming month.
UBL Fund Managers is a wholly owned subsidiary of United Bank Limited and is currently managing assets of over Rs. 20 billion. UBL Funds enjoys a ‘High Management Quality’ rating of ‘AM2’ by JCR-VIS Credit Rating Agency.
