IDLC gets asset management licence | The Daily Star
12:00 AM, June 14, 2016 / LAST MODIFIED: 12:00 AM, June 14, 2016

IDLC gets asset management licence

IDLC has received an asset management licence that will allow the leading non-bank financial institution to launch and manage different types of funds through its new subsidiary wing.

Bangladesh Securities and Exchange Commission last week gave the licence to IDLC Asset Management Ltd or IDLC AML, a subsidiary fully owned by IDLC Finance.

It is the 20th asset management company or AMC approved by the stockmarket regulator. However, the IDLC AML will have to comply with relevant laws, regulatory requirements and the conditions imposed by the BSEC.

An AMC is a company that pulls funds from its clients and invests in securities that match its declared financial objectives. AMCs provide investors with more diversification and investing options than they would have by themselves.

The principal objective of the IDLC AML is to carry out the business of asset management, primarily through launching and managing mutual funds to cater to the diverse needs of investors, according to the company's website.

Besides institutional fund management, IDLC AML also aims to create avenues for alternative investments through private equity and venture capital, the web posting read.

IDLC Finance, which was listed on the stockmarket in 1992, also has two other subsidiaries -- IDLC Securities and IDLC Investments -- to carry out stock brokerage and merchant banking activities.

On the Dhaka Stock Exchange yesterday, each IDLC share traded between Tk 53.4 and Tk 44.7 before closing at Tk 53.9. Sponsors hold a 59.66 percent stake in the company, institutions 19.39 percent, foreign investors 3.44 percent and general public the remaining 17.51 percent, according to DSE data.

Stay updated on the go with The Daily Star Android & iOS News App. Click here to download it for your device.

Grameenphone:
Type START <space> BR and send SMS it to 22222

Robi:
Type START <space> BR and send SMS it to 2222


Banglalink:
Type START <space> BR and send SMS it to 2225

Leave your comments

Top News

Top News

Top