Sandhani brings fixed income mutual fund

Sandhani Asset Management is bringing a fixed income mutual fund that is the first of its kind in Bangladesh.

A trust deed signing ceremony for the "Sandhani Asset Management Fixed Income Mutual Fund" was held at the Bangladesh General Insurance Company office yesterday.

The Bangladesh Securities and Exchange Commission approved the trust deed on March 14 last year.

This will be the country's first no-dividend, open-ended fixed-income mutual fund given its unique nature.

Sandhani Life Insurance is the fund's sponsor while the Bangladesh General Insurance Company is its trustee.

The trust deed was signed by Nemai Kumar Saha, chief executive officer (CEO) of Sandhani Life Insurance, and Ahmed Saifuddin Chowdhury, managing director and CEO of Bangladesh General Insurance, on behalf of their respective organisations.

The fund's initial target size is Tk 50 Crore. Sandhani Asset Management will act as the asset manager.

At present, there are 36 closed-end mutual funds while the number of open-ended mutual funds is 79.

The total assets being managed under mutual funds in the country amount to about Tk 16,300 crore.