UCB Asset to launch stable income open-ended fund

UCB Asset Management Company is going to launch the Income Plus Fund, a stable income open-ended fund with an initial size of Tk 50 crore.

Mutual funds are investment funds that gather a fixed pool of money from several investors and re-invest them into stocks, bonds and other securities and then distribute the profits among the unitholders.

Open-ended mutual funds have no timeframe to mature and are not listed with the bourses.

Today the fund manager signed an agreement with Brac Bank for getting its service as custodian.

The fund offers several unique features designed to benefit retail savers, especially those who have hit their Sanchaypatra quota and seek investment tax rebate, UCB Asset said in a press release.

Its feature is giving stable short-term returns, allowing partial capital withdrawal with profit and option for small investment sizes of as low as Tk 5,000 in government treasuries and corporate bonds make this fund an attractive choice for retail savers seeking maximum tax rebates, it said.

The deal signing ceremony was held at the headquarters of Brac Bank when Tareq Refat Ullah Khan, deputy managing director of the bank, and SM Rashedul Hasan, managing director and CEO of UCB Asset Management, signed the agreement on behalf of their respective organisations.