Trust deed signed for new mutual funds sponsored by Midland Bank

Midland Bank PLC signed a trust deed agreement with Sandhani Life Insurance Company Ltd at the bank's head office in the capital's Gulshan on Wednesday.

The Bangladesh Securities and Exchange Commission has approved the draft trust deed for two new mutual funds -- Midland Bank Growth Fund and Midland Bank Balanced Fund -- to be sponsored by Midland Bank PLC.

Each fund has an initial size of Tk 25 crore, with the bank contributing 10 percent as sponsor.

Midland Bank Asset Management Company will serve as the asset manager, while the Commercial Bank of Ceylon Bangladesh PLC will act as custodian.

Md Ahsan-uz Zaman, managing director and CEO of Midland Bank PLC, and Md Mizanur Rahman, company secretary of Sandhani Life Insurance Company Limited, signed the agreement, according to a press release.

Commenting on the deal, Zaman said, "These funds provide professional management aimed at long-term growth and balanced returns for investors, overseen by a team of dedicated and competent professionals."

"We believe this initiative will make a significant contribution to enhancing the depth and stability of the Bangladesh capital market," he added.