RACE to launch six mutual funds

RACE Management is to float six mutual funds in the next one year, an initiative that will increase the depth of investment in the stock market.
"We have almost completed floating our first mutual fund, which was sponsored by Eastern Bank. It is awaiting a trading debut on the stock exchanges," Hasan Imam, chief executive officer (CEO) and managing director of RACE, told reporters in Dhaka yesterday.
He said the Tk 100 crore EBL First Mutual Fund was oversubscribed 17 times, which shows growing investor interest and confidence in the mutual fund. A mutual fund is a professionally managed investment pool.
"Our target is to introduce six other mutual funds in the next one year that will be sponsored by banks and insurance companies," he said.
Presently, RACE, a second-generation asset management company, is working on three mutual funds, which are being sponsored by Trust Bank, IFIC Bank and EXIM Bank.