Mutual fund managers to raise problems with govt

Mutual fund managers have decided to place to the government and market regulator the problems they are now facing because of a finance ministry decision on launching new funds.
They took the decision at a meeting on Thursday where they have also reached a consensus to form an association aiming to develop the mutual fund industry.
"The meeting agreed to immediately take up with the regulatory authority and the government the problems currently faced by the mutual fund sector,” said a statement signed by Moin Al Kashem, secretary general of the convening committee of proposed Mutual Funds Association of Bangladesh.
Earlier at a meeting on November 5, the finance ministry had decided that the Securities and Exchange Commission (SEC) will have to allow mutual funds in phases, saying that too many mutual funds would saturate and heat up the market.